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We welcome the government’s focus on higher standards for pension providers and we support simpler, clearer pension charges which are communicated to savers in a way that people can easily understand. However, we would like to see the government go further by standardising not only the way that charges are disclosed but also the way they are levied.
We would like the government to mandate a single charging structure for pensions so that charges are genuinely comparable across different products.
Darren Philp, Director of Policy and Market Engagement at The People’s Pension said:
“It’s been clear for a while that the government’s approach to capping pension charges was, at best, a sticking plaster approach, when what we are crying out for is genuine and lasting reform. We are clear that there should be only one way to charge for pensions and without that standardisation consumers will never know the true cost of what they are paying.
“While we welcome the government’s focus on standardisation in disclosure it is only a small step in the right direction. With dual charging structures still commonplace, where providers levy more than one charge on savers, it is near impossible to disclose costs in a fair, simple or standardised way. These complex charging structures will effect different savers differently. We want to see the government take its approach to a natural conclusion, and fully standardise costs so that all providers can only levy a single type of charge for providing pensions.”