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U.K. government consults on fees for small DC plans
The Houses of Parliament stand in London, U.K., on Thursday, March 28, 2019.
Industry participants welcomed the U.K. government s proposal to help reduce the costs that erode retirement savings in small defined contribution plans.
The U.K. government proposed in January to ban flat-fee charges in the 8 million smallest retirement plans, as they deplete savings. It launched a consultation Monday and wants feedback from the retirement industry by July 16 on how to implement a new policy.
The government wants to help plan participants who are enrolled into many small plans, due to frequent job changes, to preserve their savings. The Pensions Policy Institute estimates the number of small plans could increase to 27 million by 2035.
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