Review of the Default Fund Charge Cap and Standardised Cost Disclosure

Consultation opened on 25 June 2020. Closing date 20 August 2020 at 12:00.

Summary

This call for evidence is seeking views on the effectiveness of costs, charges and transparency measures in protecting pension member outcomes.

Documents

Consultation description

The author for this consultation is the Department for Work and Pensions. As such, all consultation information and related documents can be found on the GOV.uk website. An accompanying online survey can be found on the DWP.gov.uk website.

A range of measures have been introduced to ensure 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 includes 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.

This call for evidence is seeking views on the effectiveness of costs, charges and transparency measures in protecting pension member outcomes.

The call for evidence is aimed at –

  • pension scheme trustees and managers;
  • pension scheme members and beneficiaries;
  • pension scheme service providers, other industry bodies and professionals;
  • civil society organisations;
  • any other interested parties.

In general, Northern Ireland’s pensions policy and legislation operate in line with Great Britain, and there is, in effect, a single pensions system across the UK. It is anticipated therefore that any changes will be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.

 

 

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