U.K. Labour Party Seeks Lower Charges for Private Pension Plans

Britain’s opposition Labour Party called for lower fees on private pension plans, saying consumers are losing money through concealed charges and penalties for changing providers.

“Right now, a worst-case scenario could see a pensions saver lose up to half of their pension thanks to hidden costs and charges,” Labour’s spokesman on pensions, Liam Byrne, said in an e-mailed statement. “We’re determined to make sure savers are served by every pensions company playing to the standards of the best.”