OFT asks whether ‘defined-contribution pension schemes’ provide value for money?
On 17 January 2013, the UK Office of Fair Trading (OFT) launched a market study to examine whether the UK defined-contribution (DC) workplace pension schemes deliver the best value for money for savers.
There are widespread concerns that DC workplace pension schemes are complex and unclear structures often misunderstood by savers. This can result in savers paying high fees and opaque charges and bearing all the investment risk with no guarantee of their eventual income upon retirement. The OFT is concerned this is an area ripe for ‘consumer harm’.
This study is particularly timely given the critical impact of the automatic enrolment regime introduced in October 2012, which requires employers to pay into a pension scheme for all employees unless they opt out…
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