A panel of pension experts has been appointed to carry out the audit of high cost and legacy defined contribution (DC) workplace schemes, prompted by last year's Office of Fair Trading (OFT) investigation.
Carol Sergeant will act as the panel's independent chairman. She will be assisted by Nick Poyntz-Wright from the Financial Conduct Authority, The Pensions Advisory Service's chief executive Michelle Cracknell and boss of the Association of British Insurers (ABI) Otto Thoresen. Last year the OFT issued a troubling report on UK's workplace DC pension market. It found about £30bn of savings are trapped in pre-2001 pension schemes which give poor value for money. It also said other high charging and bundled-trust pension schemes may not be achieving proper value for money for savers. I...
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