Crackdown call on rip-off pensions

The trading watchdog has made a string of recommendations to shake up the pensions market to make sure that millions of new savers do not sink their money into rip-off schemes.

The Office of Fair Trading has been carrying out a study into the £275 billion defined contribution (DC) workplace pensions market, to look at whether such schemes offer value for money, if there is enough pressure on providers to keep their charges low and what size of pension pot savers are likely to end up with at retirement.