Gov't Eyes Ban On Flat Fees For Small Pension Pots
By Martin Croucher (January 10, 2022, 2:51 PM GMT) -- The government published proposed legislation on Monday that would ban pension providers from levying flat fees on small retirement pots, in a bid to protect the savings of people who change jobs frequently.
The new rules were laid before Parliament as a statutory instrument and will be implemented from April unless MPs oppose the measures.
The changes mean that pensions providers will no longer be able to charge flat administration fees on pension plans containing £100 ($135) or less.
"By removing flat fees on pension savings worth less than £100, we're protecting savers, particularly those who regularly take on short-term work...
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