Labour calls for urgent action to prevent hidden pension fees This government should stop dragging its feet and take action. We need much more transparency so savers know exactly how much they are being charged, schemes should have independent trustees who put savers first and ministers have got to lift the restrictions on the national not for profit scheme, NEST, to give more people have access to low risk high quality pensions. David Pitt Watson, who wrote the report on behalf of the RSA, called on the industry to provide pension holders with a statement, similar to those provided by credit card firms, setting out all the fees connected to a pension pot. If the industry failed to respond, Mr Pitt Watson said, it was up to the Government to force them to do so. Speaking on BBC Radio 4"s Today programme, he went on: "We want people to buy pensions but we need people to know exactly what they are buying. There is lots of confusion out there about what charges are. I think it is important that we get some real clarity. It seems to me the best people to do this are the pension providers. We need to get to a world where the people who are in the know, the people who are sophisticated, do not take advantage of those who are not sophisticated. "It would be hugely to the advantage of the pensions industry if it could go to the Government and say: "This is the sort of transparency we should have, and this is what we should be telling people." If the pensions industry won't do that then it strikes me that at some point the Government should step in and make sure that people do get the information, otherwise the market won't work.