Pensions minister Steve Webb has said the government is "absolutely prepared" to cap private pension fund management charges if they hinder saving.
Lord McFall has called for an industry code of practice to establish a normal 0.5% for defined contribution management fees.
The Pensions Action Group supports Lord McFall’s conclusions but said its members had already lived by many of his recommendations and still financially lost out.
Sebastian Cheek assesses the outcomes of WRIC
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Government should cap defined contribution scheme charges to match the existing limits on stakeholder pensions to avoid complaints about ‘mis-selling’, the Workplace Retirement Income Commission says.
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The Workplace Retirement Income Commission has cancelled today’s interim report findings because it has gathered enough evidence to present a final report to government next week, it says.
The Workplace Retirement Income Commission has heard the first set of evidence for its investigation into why the UK savings landscape is failing.
The open market option could be reformed “within the year” if government and industry get behind the process, the Pension Income Choice Association says.
Sebastian Cheek's view on WRIC
Financial education beginning at school and ultimately spreading throughout the entire population would reinvigorate pensions and long-term saving, the Association of Consulting Actuaries believes.
The government has so far failed to meet its promise on entering office to reinvigorate occupational pension schemes, the Association of Consulting Actuaries says.
Sebastian Cheek asks the industry about the Workplace Retirement Income Commission
Lord McFall explains why the savings crisis is as important as the economic crisis
An independent commission, spearheaded by former Treasury Select Committee chairman Lord McFall, is to investigate why the UK pensions system is failing.