Pensions - Articles - TPR response to plans to abolish certain pension flat fees

 David Fairs, The Pensions Regulators Executive Director of Regulatory Policy, Analysis and Advice, said: “All defined contribution pension savers deserve to be in a well-run scheme that offers value for members.

 “We support the Department of Work and Pensions’ plans to introduce a limit on pension pots below which flat fee charges cannot be levied.

 “This proposal will help reduce the erosion of members’ pensions by fees and, along with wider action recommended by the Small Pots Working Group, protect the benefits of savers with small pots.

 “We also welcome plans to monitor take up of the cost transparency initiative templates. Transparency of costs and charges information is an important factor in helping savers achieve good retirement outcomes.”