Pensions Pieces: minister announces delay to the imposition of a cap on charges in relation to DC pension schemes

In the December 2013 edition of Pensions Priorities, Taylor Wessing mentioned that the Department for Work & Pensions was consulting on changes to charges imposed in relation to workplace defined-contribution (DC) pension arrangements.

Pensions minister Steve Webb has confirmed, in a written ministerial statement dated 23 January 2014, that the introduction of the proposed cap on pension charges will not be introduced before April 2015 (and so will not now be implemented in April 2014, which was the original intention). It is thought that the change in timeframe is due to concerns by business groups (such as insurers) that the changes were being introduced at too short notice…

Click on the link below to read the rest of the Taylor Wessing briefing.

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