EEF comment on the government’s pensions fee cap announcement

Commenting on the announcement by Pensions Minister Steve Webb this morning of a pensions fee cap, Tim Thomas, Head of Employment Policy at EEF, the manufacturers’ organisation, said: “The plans announced today to cap the fees charged on pensions highlight the impact charges have on workplace pensions.

“Too many employers and workers don't know and cannot easily find out how much of their money paid into pensions is eaten up in fees and charges, which ultimately shrink the size of pension pots.

“The Government must now ensure that all charges are transparent, with workers and employers told of the seismic impact that seemingly small charges will have on the pensions workers ultimately receive.”