The Association of British Insurers (ABI) has downplayed the impact of charges on pension pots, pointing instead to the importance of increasing contributions and saving earlier.
In a report published today, Time to Act: Tackling our Savings Problem and Building our Future, the industry body said that most people entering auto-enrolment would face a low annual management charge. The report comes after the National Association of Pension Funds (NAPF) put charges at the top of its agenda, proposing an easy to understand "pounds and pence" standardised charge schedule for funds, insurers, schemes and advisers to adhere to. It said: "It is sometimes suggested that pension charges are still very high and complex, making a huge dent in the savings pot that people a...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
