Pension heavyweights to audit legacy DC scheme value for money

Carol Sergeant will act as the panel's independent chairman. She will be assisted by Nick Poyntz-Wright from the Financial Conduct Authority, The Pensions Advisory Service's chief executive Michelle Cracknell and boss of the Association of British Insurers (ABI) Otto Thoresen. Last year the OFT issued a troubling report on UK's workplace DC pension market. It found about £30bn of savings are trapped in pre-2001 pension schemes which give poor value for money. It also said other high charging and bundled-trust pension schemes may not be achieving proper value for money for savers. I...