Pensions minister Steve Webb has called on the Association of British Insurers (ABI) to conduct its audit of high-charging legacy schemes to "far faster".
Speaking at a Westminster Employment Forum on the pension and annuities market, the minister also called on providers to "get pension schemes in order" to comply with proposed governance, quality and charging standards. Webb said he welcomed the agreement from the ABI to look at schemes as a result of the Office of Fair Trading's (OFT) study in the defined contribution (DC) market. However, he shared his view "speaking personally, not as a government minister" that the timeframe is not acceptable. Webb said: "That has to happen far faster. I don't think we can sit and wait for a ye...
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