Call for evidence launched to review the pension charge cap 29 June 2020
The Department for Work and Pensions (DWP) has launched a Call for Evidence that will review the default fund charge cap
The Department for Work and Pensions has launched a Call for Evidence that will review the default fund charge cap
This public consultation will run from 25 June to 20 August and seeks opinions as to the effectiveness of costs, charges and transparency measures in protecting pension member outcomes.
Specifically, it wants to gather views and evidence on the following:
• the level and scope of the charge cap applicable to the default arrangement within certain Defined Contribution (DC) pension schemes used for Automatic Enrolment (AE) • the appropriateness of permitted charging structures and the extent to which they should be limited • options to assess take-up, and widen the use of standardised cost disclosure templates
The document progresses the commitment made by government following the 2017 review of the charge cap to re- examine the scope and level of the charge cap in 2020, and to review permitted charging structures.
It asks a range of questions that consider:
Potential changes to transaction costs
•
The level of the charge cap
•
Use of combination charges
•
Standardised cost disclosure templates
•
To respond to the Call for Evidence there is an online questionnaire that can be completed. Alternatively, if you wish to submit information which cannot be provided via a web form, please send your consultation responses to by email to pensions.charges@dwp.gov.uk.
Whilst pensions policy is a reserved matter in Wales and Scotland this Call for Evidence is for Great Britain only (England, Scotland and Wales).
Geographical extent: England, Scotland and Wales
CIPP comment
If you have views that you wish the CIPP policy and research team to raise during this Call for Evidence please contact Lora Murphy policy@cipp.org.uk.
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Recognised overseas pension schemes notification list 2 July 2020
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been 11 scheme names added to the list, one removed and one amended.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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