Turner 'naive' or misleading over 0.3%

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Lord Turner was either naïve or misleading when he suggested a charge of around 0.3% was possible on personal accounts as they cannot be delivered at a cost of less than 1% annual management charge, claims Standard Life.

The consultation on the personal accounts white paper closes on 20 March, and one of the ongoing areas of debate has been whether personal accounts can be delivered at a cost of 0.3% amc as proposed in the Pensions Commission second report. However, since Turner first proposed the National Pensions Savings Scheme (Npss) in November 2005, now called personal accounts, the industry has been concerned too much focus is being placed on minimising charges and not enough on consumer protection, as independent advice is the first thing to have been stripped out to reduce costs. Lawson, head of...

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