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Government Back Down On Pension Charges

Friday, January 17, 2014

Government Promised A Full Frontal Assault On Pension Charges But Instead Now Look To Beat A Hasty Retreat Says GMB

The only group likely to be celebrating this are the fund managers and pension providers says GMB

GMB commented on the reports that Government look set to shelve proposals to introduce a cap on the levies that pension providers can charge. See notes to editors for report from FT.

Phil McEvoy, GMB Pensions Officer, said "Clarifying and capping the charges that can be deducted from the UK's pensions savings was a long overdue and worthwhile proposal from the Pensions Minister; benefitting savers, employers and government alike.

Government promised a full frontal assault but instead now look to beat a hasty retreat. The only group likely to be celebrating this are the fund managers and pension providers."

End

Contact  Phil McEvoy, GMBs Pensions Officer 07918 768 773 or 07921 289880

Notes to editors

PENSION CAP CHARGE PLAN 'SHELVED' -  report in FT of 17th Jan.


The Government's plan to introduce a cap on charges for workplace pensions will be shelved for at least a year, according to reports. Senior pension industry figures have been briefed by officials this week that the cap will not be introduced, in a blow to Pensions Minister Steve Webb. A government spokesperson told the Financial Times: “This is an important and complex consultation which requires our proper consideration to ensure we get it right, and we will confirm a publication date in due course

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