DWP to help 'exploited' savers exit high-charging legacy pensions

Speaking ahead of the first anniversary of the introduction of auto-enrolment (AE), pensions minister Steve Webb said the government was aware many savers entered into pensions years ago which, though legal, have high charges and excessive exit penalties. Under the AE initiative, employers must automatically enrol certain staff members into a "good quality" pension scheme and make contributions towards it. In a video interview with IFAonline.co.uk sister title Professional Pensions, Webb said: "There are a lot of people out there in schemes which they may have entered into 15 or 20 ye...