Flat fees will be banned on pensions worth below £100 in a bid to end the erosion of small pots, the Department for Work and Pensions (DWP) has confirmed.
Following the initial consultation on the de minimis charging proposal, published in January, the government has set out a further consultation on the implementation of the policy and the Statutory Instrument to enact the change. The consultation also includes a call for evidence on the future direction of the structure of charges within the charge cap, with a plan to move to a single, permitted universal charging structure within auto-enrolment (AE) default funds. In a foreword, pensions and financial inclusion minister Guy Opperman said he wanted to end "high and unfair charges" and...
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