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Eversheds comment: Focus on UK scheme quality, not just charges

  • United Kingdom

    30-10-2013

    The DWP has today published a consultation paper which sets out proposals to cap the charges levied by default funds under qualifying DC schemes. Commenting on the proposals, Francois Barker, head of pensions at global law firm Eversheds, says:

    "It is essential that individuals have confidence in pensions and that they get a decent return from their savings. The introduction of a cap on charges levied by default funds under auto-enrolment schemes should go some way to help with this. However, focusing on charges in isolation does not guarantee a good outcome for members. The focus needs to be on scheme quality. Charges are one aspect of this. But it is also essential that schemes have good governance, effective member communications, provide suitable investment options and that there is a decent level of contributions going in upfront."

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