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Responding to the DWP’s announcement on the auto-enrolment charge cap, Daren Philp, director of policy at The People’s Pension,
“The DWP’s decision to maintain the 0.75 per cent cap on default funds is understandable. While more still needs to be done to drive down costs and charges across the board it makes sense to review this in 2020 when auto-enrolment contributions will have reached eight per cent. We would certainly expect the cap to be reduced then, and would want the Government to extend it to cover the at retirement phase.
“We welcome the DWP’s signal to look at charging structures. We firmly believe in having a common way to charge for pensions to ensure standardisation and comparability. The current system does not allow easy comparison and unnecessarily muddies the waters.”
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Notes to editors:
About The People’s Pension
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with over 3 million members and over 70,000 employers signed up. Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector. We tweet as @peoplespension.