OFT pension audit could hit provider business and 'affect current charges'

clock

The audit of legacy pension scheme charges could hit provider business and affect the current level of charges being offered on auto-enrolment schemes, according to a consultant.

The nine-strong independent project board (IPB) leading the Office of Fair Trading (OFT) review into legacy defined contribution (DC) schemes was revealed last week. The group - made up of industry heavy weights - will work under the chairmanship of Carol Sergeant.Pension consultant Punter Southall said it remains unclear what action will be taken at the end of the review, and how the reform of old, high-charging schemes could affect current schemes offered under auto-enrolment. Principal Alan Morahan said schemes take up to a decade to become profitable meaning the low prices on offer f...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

HMRC repays £48.5m in overpaid pensions tax in third quarter of 2025

HMRC repays £48.5m in overpaid pensions tax in third quarter of 2025

Analysis finds savers have recouped more than £1.5bn since 2015 introduction of pension freedoms

Martin Richmond
clock 03 November 2025 • 4 min read
Govt ignores pension tax lock call as petition responses top 18,500

Govt ignores pension tax lock call as petition responses top 18,500

AJ Bell started petition; Govt forced to respond after 10,000 signatures

Jenna Brown
clock 23 October 2025 • 2 min read
How SIPPs and SSASs could help power the UK's energy goals

How SIPPs and SSASs could help power the UK's energy goals

'The role of pensions in supporting renewable energy deserves further consideration'

Caitlin Southall
clock 23 October 2025 • 4 min read