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ABI responds to OFT announcement re legacy workplace pension schemes

In response to the OFT announcement of the Independent Chair and Board members to oversee the audit of high cost and legacy defined contribution (DC) workplace pension schemes. Yvonne Braun, Head of Savings Retirement and Social Care, Association of British Insurers said:

"We welcomed the OFT report when it was published and said we would work with the OFT, regulators, the Government and others to take forward the actions outlined in the report. It's important that savers have confidence in the pension system and the audit of older and higher-charging pension schemes will establish the facts around the charges and benefits in these schemes. We are pleased that the Project Board has been announced and look forward to working with them to deliver the clarity which is required."

Last updated 01/07/2016