Aegon warns against rising personal accounts charges

The comment follows a meeting on Monday between Aegon’s head of business regulation, Steven Cameron, and PADA representatives. It followed news that the PADA will consult on personal account charges next year. The provider says differences between actual and assumed employer and employee behaviour will affect the schemes’ running costs. It says unknown factors, such as whether opt out rates will match expectations, could mean PADA’s initial charging assumptions have become “over optimistic”. Aegon believes the scheme rules should allow charges to rise to avoid calling on tax payer sub...