TISA comments on the Pensions Minister’s announcement to ban flat fees on AE pots under £100
TISA comments on the Pensions Minister’s announcement to ban flat fees on AE pots under £100
Renny Biggins, Head of Retirement at TISA, said: “We welcome the news that a floor is being set, below which a flat fee will not be able to be deducted from AE pension pots. This will significantly reduce the likelihood of small AE pots being disproportionately eroded by charges. The decision and pending consultation are timely interventions as small, deferred pots are a growing problem which is being exacerbated by Covid-19 and changing work patterns.
“TISA is supporting the work being done by Government and industry to find solutions, such as the recent DWP Small Pots Working Group. The Pensions Dashboard and other initiatives to boost consumer engagement will also help increase awareness of the potential impact multiple small pots can have and should prompt individuals to look into the possible benefits of consolidating their pots for an optimal outcome.”