Personal account charge may be 0.8% if NZ model adopted

According to the firm, administration costs on the Kiwisaver pension, which has been in operation for a year, can be as high as £29 per account on top of the standard 0.5% annual management charge (AMC). Standard Life argues that, because average earnings are higher in the UK, administration costs could soar as high as £45 in addition to the 0.5% charge the Government is aiming to meet. It says if personal accounts are charged as a single AMC, rather than a dual charge, this would need to be around 0.8% based upon an average member age of 42. Standard Life says although the Government ha...