Gov't Weighs Banning Flat Fees For Small Pension Pots

Law360, London (May 24, 2021, 4:10 PM BST) -- The government said on Monday that it is seeking opinions about proposals to ban flat fees on retirement savings of less than £100 ($142) in a move to help prevent the erosion of cash spread out across many small pension pots.

The Department for Work and Pensions said the planned changes, which would be introduced by April 2022, will be of the greatest benefit to those who change jobs frequently or take on multiple short-term contracts.

The number of small pension pots has grown rapidly since the government introduced rules in 2012 that require employers to automatically enroll staff in workplace retirement...

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