Which? response to DWP plans to cap charges on workplace pensions

In response to DWP’s plans to cap charges on workplace pensions, Which? executive director, Richard Lloyd, said:

“We welcome plans to cap charges on workplace pensions, but the Government must take this opportunity to really scrutinise the market to see if the proposed cap could be set any lower. Even a fraction of a per cent can have a significant impact on pension funds, and people need to be confident that their scheme is giving them the best value for money.

“We also need to see tight regulation so these charges can’t simply be hidden elsewhere, and the Government should look at what can be done to bring down charges on existing schemes set up before 2001.”

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