“The TUC has long called for a charge cap for pensions so we welcome this announcement. In particular we have called for any cap to tighten in future years, so it is encouraging to see the government indicate that today is just a starting point.
“But the Chancellor tore up the system we use to turn pension pots into retirement income last week without putting anything positive in its place. In this the new free-for-all people are going to need far more help and advice if they are going to avoid new rip-offs. That will come at a cost and we still do not know who will pay once the Chancellor’s initial funding runs out