Pension fee cap delayed until at least 2015

I have Financial Advisers who visit me in expensive cars, travel huge distances to visit clients, and send their offspring to private schools, and try to charge me huge amounts for very little of their time I have friends who work at the sharp end in the "Care" industry, paid at the National Minimum Wage, out of their houses from 7:15am to 9:15pm five days a week, but only paid for the time they spend in client's homes, paid 28p per mile for travel between clients, but have to provide their own vehicle, and with no pension provision from their employer. Couldn't we have a law that anyone employed in the Financial Services Industry must be paid no more than the National Minimum Wage? Then the admin fees for financial products could be reduced to sensible levels. Where do they get 0.75% per annum from, just for taking in money and investing it? If I were to put £1,000 each year (Roughly 4% of the national average wage), from say 25 years of age until retiring 40 years later, into a pension scheme capped at 0.75%pa, then the average time in the fund for all my contribution would be 20 years, so they would take, on average £150 from each £1,000. Just for sending my annual contribution off to a building society. If I were to put the £1,000 each year into a building society myself, then after 40 years I would have £40,000, instead of the £34,000 in their pension scheme. £6,000 would buy perhaps £360 pa more pension, or an extra £30 per month. (For simplicity I have not factored in either any increase/decrease in the capital, or the depreciation due to cost of living increases. Over 40 years who knows what the net result of these would be, although they probably roughly cancel out?)

I am sure you all know by now that the UK survives on a 'scam ' culture rather than a creative work-ethic culture. So it is a case of who can grab a bigger slice of what is left of the national cake. Non of this is ceating real wealth in the economy as occurred in Victorian times- i.e building railways in South America, building bridges in other countries. Churn the money round a take a nifty slice off every time just as teh government do in charging VAT.

This Government will not consult with anyone on any topic unless they are, or represent, big business or the rich. Stephen Webb is no different. There are many in the pensions industry that think the sun shines out of Steve Webb. Most of these people are partners in firms that make their money out of pensions. I wonder if there is a connection (sic). In my opinion Steve Webb has been a disaster for pensions in general and pensioners and those saving for a pension in particular. Delaying this change merely confirms my opinion. Fees charged by fund managers vary from two to three times more than they should be, to way in excess of that and should in any case, as benquilda has suggested, be paid on performance and not the value of the funds under management. As for trustees in bankruptcy, electricblue is right for once, though his comments apply to administrators and any of the other sharks that are called in in such cases.