Pensions - Articles - Aegon welcomes next step in DC consumer confidence

 Commenting on the announcement by the OFT of the Independent Project Board that will oversee the workplace pensions audit, Angela Seymour Jackson, Aegon’s Managing Director of Workplace Solutions said:

 “Aegon welcomes the announcement of the Independent Project Board which will provide independent oversight of the audit of workplace pensions Aegon and other ABI members have agreed to carry out. The audit of older and higher charging workplace Defined Contribution pensions will bring full clarity to areas where the OFT couldn’t reach conclusions. Importantly, it will give customers further reassurance that their workplace pension, old or new, is offering value for money.

 “We’re pleased to see such a wide range of senior individuals on the Independent Project Board. It’s important to have Government, regulatory and consumer representative buy-in to the audit and its findings. This will address once and for all any concerns in the increasingly important DC pensions market.

 “Importantly, the audit must identify any valuable features that scheme members benefit from, as well as reviewing charges in detail. This will make sure members don’t lose out from a blanket application of any price cap introduced by the DWP."