DWP reviews default fund charge cap

The Department for Work and Pensions (DWP) has issued a Consultation Document relating to the effectiveness of costs, charges and transparency measures in protecting pension member outcomes in qualifying workplace pensions.

The government has said that it is committed to ensuring that individuals who are automatically enrolled into a pension scheme are protected from high and unfair charges and are saving into schemes that are well run. This is why the government introduced a charge cap of 0.75% of funds under management, or an equivalent combination charge, in respect of the default arrangements of workplace pension schemes used for automatic enrolment from April 2015.

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