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1135298
star this property registered interest false more like this
star this property date less than 2019-06-27more like thismore than 2019-06-27
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Pensions more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, whether it is her Department's policy that pension schemes can already invest in funds with performance fees. more like this
star this property tabling member constituency Wallasey remove filter
star this property tabling member printed
Ms Angela Eagle more like this
unstar this property uin 270297 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Private Pension schemes which are not used for automatic enrolment are free to invest in funds with performance fees.</p><p> </p><p>To protect savers who are automatically enrolled into a pension scheme and make no choice of investment fund, the Government introduced a charge cap on 6 April 2015. Performance fees have always been subject to the charge cap. However, the way that schemes used for automatic enrolment verify compliance with the charge cap limits the use of most performance fees.</p><p> </p><p>Earlier this year DWP consulted on proposals to extend the ways that pension schemes verify compliance with the charge cap to accommodate performance fees (<a href="https://www.gov.uk/government/consultations/defined-contribution-pensions-investments-and-consolidation" target="_blank">https://www.gov.uk/government/consultations/defined-contribution-pensions-investments-and-consolidation</a>), as long as members invested over the whole year were not charged more than 0.75% of their funds under management or an equivalent combination charge.</p><p> </p><p>Our consultation met with broad support. We are considering next steps, but we do not intend to remove performance fees – in any form – from the automatic enrolment charge cap.</p>
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-07-03T14:05:10.477Zmore like thismore than 2019-07-03T14:05:10.477Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property previous answer version
126653
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this
1135300
star this property registered interest false more like this
star this property date less than 2019-06-27more like thismore than 2019-06-27
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Occupational Pensions more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, if she will make it her Department's policy to continue to include performance fees within the pensions charge cap. more like this
star this property tabling member constituency Wallasey remove filter
star this property tabling member printed
Ms Angela Eagle more like this
unstar this property uin 270298 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Performance fees of all types have been subject to the automatic enrolment charge cap since 6 April 2015, when the Charges and Governance regulations (<a href="http://www.legislation.gov.uk/2015/879" target="_blank">http://www.legislation.gov.uk/2015/879</a> ) came into force.</p><p>It remains our policy that these fees should be subject to the cap. Savers who join a workplace pension scheme without choosing where to save or whether to save should not pay more than 0.75% or an equivalent combination charge over the year</p> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-07-03T13:53:03.157Zmore like thismore than 2019-07-03T13:53:03.157Z
unstar this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
491
star this property label Biography information for Ms Angela Eagle more like this