McFall: We need code of practice for pension fees

McFall, chairman of the Workplace Retirement Income Commission (WRIC), told our sister title Professional Pensions these measures would be a "win for the industry and for people". His proposal goes a step further than WRIC's final report, released last week, which suggested capping DC charges at the stakeholder level of 1.5% per annum for the first ten years, and 1% thereafter. McFall said: "If you take management fees down from 2% to 1% you could be talking about an increase in the pension pot of 50%." However, Jonathan Lipkin, head of research and pensions at the Investment Manag...