Labour calls for end to pensions rip-off That's why today, Labour is saying that if the new private pensions system is to work the government should do four things. First, we need a clear and standardised system that makes it possible to compare the costs of pension schemes properly. It means banning penalty charges on pensions when people move jobs. It means giving everyone access to the best deal when it's time to collect. And it means ending the unfair charges that prevent savers from "rolling-up" small private pension pots scattered around old employers. Second, we need to head off the rip offs of tomorrow, by placing a new legal 'fiduciary duty' on all pension providers. We need every pension scheme in Britain managed by independent trustees obliged to act at all times in the savers" - not shareholders" - best interests. Just like our traditional defined benefit schemes and some of the new schemes like the National not for profit Trust. Third, we need to end the ban on savers transferring small pension pots or significant savings into the new National not for profit pension Trust. Labour set up this Trust to make sure employers and employees had an easy to use, low risk, low cost, high quality, not-for-profit pension scheme. Yet the government dithers on lifting the ban on transfer existing pension pots in or lifting the cap on annual pensions saving. We say: lift the ban and let the Trust drive up standards and drive down costs across the pensions industry. Fourth, we want a private pensions system for all - including the low paid who want to do the right thing and save. The government keeps moving the goalposts it has barred 690 000 of the lowest paid, often women in part-time work with caring responsibilities, from the new automatic workplace pensions. We say this is wrong. Labour is the party of hard working people. We want to put the "something for something" bargain back on the table for savers. Labour's offer to the pensions saver was a good deal: for every £4 she or he saves another £4 paid is paid into their pension pot by government and employer. It's exactly the way we should be modernising social security for new times; times in which lots of hard-working people feel they pay a lot in - but get very little out. We all know we need to save more for tomorrow; right now 60% of private sector workers aren't saving for a pension. The old defined benefit schemes are available to fewer and fewer private sector workers - this is why we need people to engage with the new workplace pensions system and why it must be high quality. In October, the new foundations for a private pensions system for all will fall into place. The government must now act to ensure that on those foundations we build a world-class pensions system for 21st century Britain.