Which? executive director, Richard Lloyd, said:
“Consumers, including the thousands who supported our campaign, will welcome this continued commitment from the Minister to shaking up the pensions market so that it gives people a better deal.
“The industry must now use the next year to work constructively with the Government to make sure they are ready to implement reforms that give consumers value for money in their workplace pensions.
“We will continue to argue for the proposed charge cap to be set at 0.5% and for it to cover all new and existing workplace pension schemes. With consumers being squeezed by the cost of living, there is no room for poor value pension schemes in the workplace.”
In November 2013, Which? launched the ‘Hands off my pension’ campaign calling for the Government to:
– Set the proposed charge cap at 0.5%.
– Roll out the cap to cover all new and existing workplace pensions.
– Ban hikes on annual management charges when switching job.
14,800 people signed up to our campaign and we received 7,000 comments which we presented to the Pensions Minister.