Pensions Watchdog Says Fees Shakeup Will Protect Savers
Law360, London (May 25, 2021, 3:08 PM BST) -- Britain's pensions watchdog said on Tuesday that a proposed government ban on flat fees for small pension pots would protect retirement savings from being eroded over time.
The Pensions Regulator welcomed the government's proposed reforms to the way administration charges are levied on pension savings. The Department of Work and Pensions floated plans on Monday for a ban on flat fees for pension pots worth less than £100 ($142). It said the changes, to be introduced by April 2022, will be of the greatest benefit to those who change jobs frequently or take on multiple short-term contracts.
"We support plans to introduce...
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