DWP bans flat-fee AE charges on pots worth under £100
Opperman: No-one should find their hard-earned pension savings eaten away by charges
The Department for Work and Pensions (DWP) will ban the charging of flat fees on auto-enrolment (AE) pots valued at or below £100 and launch work on how to standardise cost and charges reporting.
The government s response to its review of the default fund charge cap and standardised cost disclosure, published today (13 January), said that pensions pots that are worth £100 or less, and are saved.
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So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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