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ABI comments on DWP announcement confirming pension charge cap

The Department for Work and Pensions has today confirmed plans to introduce a cap on pension charges.

Otto ThoresenResponding to the announcement, Otto Thoresen, Director General, Association of British Insurers, said:

“Pension providers are committed to ensuring value for money, transparent pensions – average pension charges have been falling steadily over the last decade and are now at their lowest ever levels. The introduction of the ABI’s proposal for Independent Governance Committees will ensure that the best interests of workplace money purchase scheme members are protected.

“Implementation of auto enrolment, and the radical pension reforms announced in the Budget have created a challenging environment for pension providers and employers. The industry is working flat out to meet these challenges, to ensure that people can look forward to a financially secure retirement.”

Last updated 01/07/2016