Consultation outcome

Better workplace pensions: a consultation on charging

This consultation has concluded

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Better workplace pensions: further measures for savers

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Better workplace pensions: further measures for savers (print version)

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Better workplace pensions: further measures for savers (print version – cover only)

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Better workplace pensions: further measures for savers (rich text format)

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Better workplace pensions: further measures for savers (Welsh summary)

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Charges in Qualifying Pension Schemes: impact assessment (final stage)

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Charges in Qualifying Pension Schemes: Regulatory Policy Committee opinion of impact assessment

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Minimum Governance Standards for DC workplace pensions: impact assessment

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Minimum Governance Standards for DC workplace pensions: Regulatory Policy Committee opinion of impact assessment

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Detail of outcome

This command paper sets out the government’s response to the consultation which sought views on a range of measures to tackle pension charges, to protect employees in workplace defined contribution pension schemes. The new measures outlined in this paper are also based on the evidence gathered from an earlier call for evidence from the pensions industry on the quality of defined contribution schemes, as well as the Office of Fair Trading market report into workplace defined contribution schemes.

Original consultation

This consultation ran from 30 October 2013 12:00am to
28 November 2013 11:45pm

Summary

This consultation seeks views on a range of measures to tackle pension charges to protect employees in workplace defined contribution pension schemes.

Documents

Better workplace pensions: a consultation on charging

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Better workplace pensions: a consultation on charging (rich text format)

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Better workplace pensions: a consultation on charging (Welsh)

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Consultation description

This consultation sets out a range of measures to address pension charges in defined contribution workplace pension schemes aimed at protecting employees from poor pension returns due to pension charges. The consultation seeks views on whether:

  • further action is required to improve transparency and disclosure of pension charges
  • a cap on charges in default funds of defined contribution qualifying schemes should be introduced
  • differential charging between active and deferred members, consultancy charges and commissions should be banned in defined contribution qualifying schemes

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