Commenting on the report from the Work and Pensions Select Committee on workplace pensions, Richard Lloyd, Which? executive director said:
“It is critical there are minimum standards for workplace pensions so that people are automatically enrolled into high quality and good value schemes. We have also been calling for immediate action from the Government and regulators to stop high consultancy charges which can leave some employees significantly out of pocket for the first few years.”
Notes to Editors:
Which? research has revealed the risk of high levels of consultancy charging in workplace pensions offered by insurance companies, which could mean low to middle income earners have to contribute four, five or even six years before seeing any return. Which? is calling for action from the Department of Work and Pensions and the Financial Conduct Authority to stop consumers being hit by these unnecessary and unfair charges.