Pension Charges Capped at 0.75%

FUTURE PROOF: Pensions minister Steve Webb has announced that the Government will cap charges on pension schemes at 0.75% a year from April 2015

Emma Wall 27 March, 2014 | 2:59PM

Charges on pension funds will be capped at 0.75% a year from April next year, pensions minister Steve Webb has confirmed.

Webb first floated the idea in October, when he put his support behind a paper published by Department for Work and Pensions suggesting all pension fund charges be capped in order to ensure a fair deal for scheme members.

But the suggestion received a mixed response from the industry, with some claiming a charge cap would restrict the type of investments a pension fund could hold – negatively impacting the scope for growth.

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Emma Wall  is former Senior International Editor for Morningstar

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