Pension Fees Cap Delayed Until 2015
Pensions minister Steve Webb has confirmed his proposed pensions fee cap, due to come into force from April, will by delayed by at least a year, stating it would “only right and fair to give employers a minimum of 12 months' notice of the changes”.
Under the proposed cap, legislation which Mr Webb is pushing forward under a previous promise of a "full frontal assault" on excessive pension fees, no pension operator could charge more than between 0.75% and 1% annually towards anybody who has been automatically enrolled into a pension scheme. Under current rules, certain (primarily older) schemes are charging up to 2.3% annually in management charges.
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