Article date: 23 January 2014
“Giving consumers good value when saving for retirement has to be our number one priority. If that means government and the industry need to take more time to consider the best solutions, then we should take it - the consequences of getting this wrong are serious.
“Steve Webb has signalled his support for a pension charge cap, which will give employees confidence that they will get a fair deal at time when many will be saving for the first time through automatic enrolment. Employers are under pressure with the rollout of automatic enrolment - giving them some certainty that any charge caps will apply from 2015 gives them time to prepare.
“In 2012 Aviva committed to only auto-enrol employees into low cost, modern schemes with an average total charge of less than 1% per annum. But this is not only about charges, it’s right the government also looks deep into areas such as governance, scheme quality and improved transparency, as the OFT has been doing, to ensure we get a balanced outcome.
“We will continue to work closely with the industry and government on this critical issue.”
Senior Media Relations Manager
07800 691 714