Ban on consultancy charges for automatic enrolment pension schemes comes into force

On 14 September 2013, the Occupational and Personal Pension Schemes (Automatic Enrolment) (Amendment) Regulations 2013 came into force, with the effect, going forwards, of preventing members of defined-contribution automatic enrolment schemes being forced to pay consultancy charges.

With the implementation of the Retail Distribution Review with effect from 1 January 2013 (for new business written after that date), a prohibition was introduced on pension providers paying commissions to financial advisers for the advice and services provided by those advisers. So consultancy charging has emerged since then as being the way in which financial advisers are paid for their advice, either by invoicing the employer direct or, as has commonly been the case, by passing on those charges to pension schemes members through increased product charges or by deducting them from either the contributions to the pension scheme in respect of the member or the pension pot itself…

If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.  

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer

Overview

5 New Street Square
London
EC4A 3TW
UK
http://www.taylorwessing.com

Turnover (£m): 228.00
No. of lawyers: 860
Jurisdiction: UK
No. of offices: 4
No. of qualified lawyers: 67 (International 50)

Jobs