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ABI responds to Labour proposals for capped fees and charges on income drawdown products

Responding to Labour's proposals to introduce capped fees and charges on income drawdown products, Yvonne Braun, Director of Long Term Savings Policy at the ABI comments:

Yvonne Braun"The industry is committed to value for money, which is why average workplace pension charges have fallen steadily to their lowest levels ever. 

"A charge cap for income drawdown products is inappropriate as the market is still developing and solutions vary depending on customer choices.

"With the advent of the pension reforms, the market is fundamentally changing and insurers will continue to assess their charges to ensure customers get value for money products in the new environment."

Last updated 01/07/2016