Non-Workplace pensions should have similar charges structures to new workplace pensions – its only fair.
FCA has published an excellent discussion paper pointing out anomalies between the charging structure in old non workplace pensions and workplace pensions for essentially the same product.
They also point out the same manager may have the same underlying OEIC or UCIT within different workplace pensions and each one has a different charging structure.
People invest in pensions to provide for a comfortable retirement – not to be unfairly overcharged. The providers of non workplace pensions should change the pricing structure now in a timely proactive fashion and not wait for legislations to force them to do so.
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