Kevin Foster has welcomed news that the Government has announced plans to cap charges ahead of a wide-ranging review on whether pension schemes deliver value for money.
Charges for new pension schemes have been coming down in recent years but there are still a number of schemes which are failing to deliver value for money for savers. Annual charges of 1.5 per cent can end up costing savers in the South West more than £230,000.
Kevin said: “The bay is a great place to retire, but it is important that those who are working towards a retirement here can do so with confidence about the value of their savings. That’s why we are bringing forward radical reforms to pension charges to make sure the savings of hardworking people are not being eaten away by a variety of charges and fees."
“This will include a cap on management charges, which could save many local people tens of thousands of pounds.”