Insurers win again as pension charge cap is blocked

The UK's biggest pension companies must have kicked their feet up and rewarded themselves with a big fat cigar last week after managing to kick the issue of a cap on pension charges into the long grass, at least for another year.

Pensions minister Steve Webb has capitulated to the ferocious lobbying of the FTSE insurers and agreed to give them 12 months breathing space before a pension charge cap is introduced.