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

Gilt pressure sees DB transfer take-up levels hit 'all time low'

Gilt pressure sees DB transfer take-up levels hit 'all time low'

Average transfer values at the second lowest level since 2015

Jasmine Urquhart
clock 05 December 2023 • 1 min read
OECD urges reform of 'costly' state pension triple lock

OECD urges reform of 'costly' state pension triple lock

State pension change would ease eroded ‘fiscal headroom’

Jenna Brown
clock 30 November 2023 • 2 min read
AJ Bell's Rachel Vahey

The advent gift of new rules for non-workplace pension savers

New set of FCA rules coming into force on 1 December

Rachel Vahey
clock 27 November 2023 • 3 min read