Aegon calls for dual-pricing on personal accounts

The personal accounts delivery authority (PADA) is set to publish a summary of responses to its charges consultation, which put forward four possibilities including a controversial annual management charge (AMC), on 15 July. Aegon says PADA and the Government must choose a charging structure that matches charges received and costs incurred, or member benefits will be at risk and the taxpayer subsidy will rise. The charging structure of personal accounts has divided the pensions community, with some, including the IMA, supporting an AMC and others arguing it would be unfair. Aegon says...