Standard Life to consult on pension charges

The chief executive of Standard Life yesterday welcomed plans to consult on the charges pension providers heap on to their customers.

David Nish said a fee cap between 0.75 and 1 per cent would fall within the range his insurer already charges. "It's important that we become a nation of savers," he added. "We support anything that provides value for money for customers and will watch how plans develop."

Mr Nish's comments came as Standard Life's third-quarter numbers fell just short of City expectations, although funds under management grew 9 per cent to £237.6bn.