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Reacting to today’s news that the government is to cap pension charges at 0.75% from April 2015, and that from April 2016 schemes will be prohibited from taking money from peoples’ pension schemes to pay for sales commission, Malcolm McLean, senior consultant, Barnett Waddingham says:
“The government has gone for the toughest of the three options that was originally put forward for use as a potential charge cap.
“On the plus side, at least the decision that has now been made to introduce a 0.75% charge cap (excluding transaction charges from April 2015), will remove some of the uncertainty employers currently planning their A-E arrangements are experiencing.
“On the negative side, however, a 0.75% cap will obviously limit the ability of employers to choose a scheme that may well have higher charges but delivers far better outcomes for their staff.
“On the commission ban, this will be seen as a huge blow to advisers, which some estimates suggest could cost them £150 million and 1000 jobs.
“Of the information currently available it is not clear whether schemes that have already been auto-enrolled will have to apply this cap, and of course there is still uncertainty as to what the 2017 review will bring.”
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