So the call from shadow pensions minister Gregg McClymont for strict price controls on the new wave of 'drawdown' products being created by the financial services industry, seems sensible. The government is introducing cap of 0.75 per cent on workplace pensions schemes in April 2015, but the new cap does not include income drawdown schemes.
Attempting to compare drawdown providers is already difficult, as we found earlier this year, when we tried to identify the cheapest offerings for investors.