Close to two-thirds of industry respondents to a Professional Pensions poll agreed they would like to see flat-fee structures on low-value defined contribution (DC) pots scrapped.
This comes five weeks after the Work and Pensions Committee sent a letter to the industry asking for "workable solutions" to manage the growing number of small pots proliferating within the industry.
In PP's latest Pensions Buzz - including consultants, actuaries, investment directors, trustees, and pension scheme administrators - 60% agreed on the scrapping of a flat-fee structure. This is ahead of 28% of respondents who did not agree, and 12% who were unsure.
Consultants have long warned that cost constraints are holding DC schemes back and flat-fee structures assist small pots in losing value.
One pundit who agreed with the idea to scrap flat fees said DC pots should instead have a minimum fee and a low percentage.
Another said: "We need to ensure that pension saving makes sense for everybody, especially those with small pots. People with bigger pots can always shop around for a better deal if not happy with their fee level."
A third suggested fees should reflect the "next-to-nothing" cost of maintain the investments.
A respondent who did not agree that flat fees should be abolished argued the cost of managing small pots are "irrespective of the size of the pot" however.
"Being part of a larger scheme or portfolio will bring some economies of scale," they said. "But, the cost of servicing member queries and ongoing administration are likely to be the same for large pots."
One respondent who did not know whether flat-fee structures should be scrapped questioned what could effectively replace it. Another with the same response added: "This is difficult - a flat rate could be a large proportion of the pot, but there will always be minimum charges that a provider will have to incur."
Salvus Master Trust has launched a product that will accept cash equivalent transfer values (CETVs) from a final salary scheme granted as part of a Pension Sharing Order (PSO).
The Work and Pensions Committee (WPC) is hoping victims of pension fraud will respond to the call for input ahead of its much-anticipated inquiry reviewing the impact of the introduction of pension freedoms five years on.
The master trust industry is unlikely to breakeven on costs until around 2025, with the big four providers having already spent £1bn on setting up their offerings, research by the Pensions Policy Institute (PPI) finds.
The defined contribution (DC) savings of young savers recovered most of their first quarter losses in the following three months, Isio has found.
While the Covid-19 crisis has made savers realise pensions are important, having immediate access to their funds is now equally important, says Cushon.