Guy Opperman: Public find pensions cost and charges 'impossible to comprehend'

‘Make it more accessible’

Ayesha Venkataraman
clock • 2 min read

Many aspects of pensions, particularly the cost and charges structure for workplace pensions, are not sufficiently accessible to the wider members of the public, said pensions minister Guy Opperman.

Speaking at the Lang Cat Live event on Thursday (10 February), Opperman was asked whether pensions work for real people to which he responded, "not enough," due to the industry's inaccessibility and lack of customer focus. "It has really struck me that the business talks to itself a huge amount, it doesn't necessarily talk to its client and its consumer, and my constituents nearly enough. That would be my takeaway," said Opperman. In particular, he singled out the inaccessibility of the cost and charges system which he said is "utterly incapable of price comparison". Opperman champ...

To continue reading this article...

Join Professional Adviser

  • 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

Tom Selby: The true scale of the issue is likely much higher

HMRC data shows pension freedoms over-taxation bill nears £1bn

Some £45m was repaid to individuals in the final quarter of 2022 alone

Jonathan Stapleton
clock 31 January 2023 • 2 min read
EV launches digital retirement toolkits to improve understanding

EV launches digital retirement toolkits to improve understanding

'The tools can help them make a better informed decision'

Martin Richmond
clock 25 January 2023 • 1 min read
Govt rejects call to set AE contribution increase timetable

Govt rejects call to set AE contribution increase timetable

Government makes series of rejections to WPC report

Holly Roach
clock 23 January 2023 • 3 min read