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SNP targets ‘unfair’ pension charges

The Scottish National Party has warned that while it backs pension freedoms, it plans to identify and target “hidden” and “unfair” charges.

In its election manifesto, published earlier today, the SNP says it backs the principle of giving pensioners more freedom over how to spend their retirement pot.

However, the party warns: “We must ensure adequate levels of advice and support. We will work with pensioner groups to identify and target unfair, hidden pension charges.”

The SNP also promises to review plans to increase the state pension age across the UK, including in Scotland.

It says: “We’ll seek a review of the planned increase in the retirement age from 66 to 67, so that people in Scotland, who have paid in to a state pension all their lives, don’t lose out.”

Finally, the party places on record its support for the “triple lock” on state pensions, which ensures pensions rise by either inflation, wages or 2.5 per cent.

The SNP position comes just days after Prime Minister David Cameron promised to install older workers’ champion Ros Altmann as a Conservative peer with a focus on consumer issues if re-elected.

Altmann will consider the case for drawdown charge caps as part of her remit, something Labour has already pledged to investigate ahead of the May general election.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Dear Mrs Sturgeon , You do not need to come south of the border to discover hidden pension charges – they are all over Edinburgh in the shape of Standard Life – who refuse to disclose these . . .and Scottish Widows now owned by Edinburgh’s . . . .TSB . These are required by Edinburgh’s insurance company’s – or as they are more better known – one product companies . . . . .( they used to be two but endowments are not popular now . . . .)

  2. I think you can pretty much guarantee that if the SNP manage any form of charge reduction in Scotland that the rest of the UK will end up paying for it…

  3. The SNP says: “We’ll seek a review of the planned increase in the retirement age from 66 to 67, so that people in Scotland, who have paid in to a state pension all their lives, don’t lose out.”
    Well, does this include any ex-pat pensioners not resident in the UK ? If so then, that would be a reason for not seeking pension parity for all Scots resident outside of the UK. If not , then why ignore this anomaly because they have also paid in to a state pension all their lives, have’nt they ?
    To not mention this is politicians logic I guess.

  4. “it plans to identify and target “hidden” and “unfair” charges”

    Isn’t that the job of the FCA?

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