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Aegon calls for PADA to implement dual charging structure

Aegon is calling for the personal accounts delivery authority to implement a charging structure for personal accounts that combines a percentage contribution charge with an annual management charge.

Aegon says it is the best way to safeguard member interests and minimise taxpayer subsidy.

The provider adds that a flat annual management charging structure would put the personal accounts scheme under great financial pressure and could mean increased charges, more taxpayer subsidy or the scheme closing.

Head of business regulation Steven Cameron says: “PADA must give priority to the long-term financial security of the personal accounts scheme and a dual charging structure is the best way to achieve this. In the current climate people are more risk averse and want to know their money is safe. We can’t afford another crisis of confidence in the savings arena.

“Personal accounts are too big to fail so the taxpayer will ultimately have to step in if things go wrong. To reduce the risk of this happening the charging structure chosen must match when costs will be incurred as closely as possible.”


Ken Davy

The chairman of SimplyBiz has done a great deal to influence the shape of financial services over the past few decades, despite being a late entrant to the industry.

Value added

Within the June 2007 RDR vision, we were exhorted to learn from the past. I therefore find it instructive to recall what did go on in the 1980s.

Valuable lessons

Speaking at the Investment Management Association’s annual dinner last month, IMA Chairman Robert Jenkins told the investment management industry and its guests that even though the credit crunch was not | yet over, it was not too soon for all those caught up in it to learn a few lessons.

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