Gov't Launches Review Of Cap On Pensions Charges

Law360, London (June 26, 2020, 10:26 AM BST) -- The government is considering plans to alter a cap on administrative charges for workplace pension schemes, which was brought in to protect members from poor-value savings arrangements.

The Department for Work and Pensions said Thursday that pension industry groups and bodies have until August to contribute to the consultation on the so-called charge cap. They are also being whether they believe that providers are presenting information on fees to savers in a transparent way.

The charge cap, which stops pensions schemes charging members more than 0.75% of fees under management annually, was introduced in 2015. It applies only to "default arrangements"...

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