Viva la pensions revolution!
Another day, another piece of good news for our pensions. The pensions bill, which was announced this week will see an overhaul of state pensions.
Pensions minister Steve Webb has announced proposals for a ban on consultancy charges for auto-enrolment schemes, meaning more money in your pension pot. This is because companies at the moment can take fees from employees when giving them advice. The changes will mean that can no longer happen. Plus, the government has also announced that it will publish proposals in the autumn for a cap on other pension fees that are charged to those with defined contribution pensions.
All this good news for our future selves is also being supported by the Financial Conduct Authority. At the end of last year the watchdog banned commission on new pension schemes altogether, and prohibited financial advisers from selling any other investment or pension products on commission. It seems as if this fight for transparency is finally paying off. Right into our pockets.