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Budget 2018: Govt to investigate how performance fees could hit charge cap

Philip Hammond - UK Parliament official portraits 2017The Department for Work and Pensions will consult on the charge cap next year to ensure it does not restrict the use of performance fees within default pension schemes.

The government makes no other reference to its concerns or methodolgy it will use for the consultation except that it will happen in 2019.

Pensions experts tell Money Marketing that there could be concerns that it appears unfair schemes can breach the charge cap, but only because they are significantly outperforming.

Budget documents published today also show the DWP will consult later this year on the detailed design for pensions dashboard and has set aside £5m in further funding.

The government also confirms the dashboard will show the state pension alongside private pension pots in one place.

Association of British Insurers director general Huw Evans says:  “It’s good to see provision in the Budget of £5m of new funding to help enable the launch of the pensions dashboard project. Delivering comprehensive dashboards, including details of the state pension, will help millions of savers keep track of their funds and work out if they are saving enough for retirement.

“Our sector is ready to continue its collaboration with government on making this vital service a reality, and we look forward to seeing the details of the DWP’s feasibility study and a further consultation as soon as possible.”

There will also be a trusts consultation – as announced in the Autumn Budget 2017, where the government will look at the taxation of trusts, to make the taxation of trusts simpler, fairer and more transparent.

This winter, the DWP will also publish a paper setting out the government’s approach to increasing pension participation and savings persistency among the self-employed.

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