Occupational Pensions: Fees and Charges

Department for Work and Pensions written question – answered on 11th June 2019.

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Photo of Angela Eagle Angela Eagle Labour, Wallasey

To ask the Secretary of State for Work and Pensions, what recent assessment she has made of the effect of auto-enrolment on charging levels in the pensions sector.

Photo of Guy Opperman Guy Opperman The Parliamentary Under-Secretary of State for Work and Pensions

DWP’s latest pension charges survey, published in October 2017, found that most schemes charge between 0.38 and 0.54% depending on the type of pension. This is well within the 0.75% charge cap which applies to the default fund of pension schemes used for automatic enrolment.

The October 2017 charges survey can be found here:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/652086/pension-charges-survey-2016-charges-in-defined-contribution-pension-schemes.pdf

This matter is always kept under review.

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