NAPF response to Ministerial Statement on pension charges
23 January 2014
The NAPF welcomes the written Ministerial Statement (WMS) today (Thursday) which addresses some of our concerns about the Government’s implementation plans for any policy on charges.
In its response to the four week consultation last November, the NAPF expressed extreme concern about the short timescales and the minimal consideration given by the Government to transitional arrangements for employers that are about to go through, or have already gone through, automatic enrolment.
Responding to today’s written ministerial statement by the Minister for Pensions (Steve Webb, MP), Helen Forrest, Head of Policy, NAPF said:
“The NAPF has consistently counselled the Government not to rush the implementation of any cap on pension scheme charges so we are delighted by today’s announcement confirming that any cap on charges will not be introduced before April 2015.
“Our members continue to work extremely hard to implement automatic enrolment effectively and successfully. Providing these employers with at least twelve months’ notice of any changes in the rules relating to charges is a sensible step.
“We also believe that any Government policy on charges should be considered in the context of the value for money provided to scheme members, and not separate from it. The NAPF would like the Government to consider and assess the comments it has received in response to the consultation before deciding on any timelines for implementation.”
A copy of the NAPF’s submission – “DWP consultation on charging: a response by the National Association of Pension Funds” can be found here.
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Contacts:
Lucy Grubb, Head of Media and PR, 020 7601 1726 or 07713 073023, [email protected]
Aimee Savage Richards, Press Officer (interim), 020 7601 1718 or 07825 171 446, [email protected]