Gov't Confirms Ban On Flat Charges For Small Pension Pots

By Martin Croucher (November 10, 2021, 12:47 PM GMT) -- The government has announced that it will push ahead with a ban on flat charges for small pension pots from next April, despite concerns within the sector about what it claims will be an additional workload because of other regulations.

The Department for Work and Pensions has published its response to a consultation, confirming on Tuesday that from, next year, pension schemes will not be able to levy flat administration fees on retirement savings pots containing £100 ($135) or less.

The government said the change will mean that people who change jobs frequently and therefore might have several pension pots, each...

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