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Govt considers retrospective consultancy charging ban

The Government is considering retrospective legislation which would extend the ban on consultancy charging for automatic enrolment to arrangements agreed before 10 May.

The Department for Work and Pensions has confirmed new legislation banning consultancy charges in auto-enrolment schemes will come into force from tomorrow.

The legislation only applies to deals agreed from 10 May, when pensions minister Steve Webb announced his intention to ban the charging method for auto-enrolment.

However, the Government will consult in the Autumn over whether it should extend the ban to cover schemes which already had a consultancy charging agreement in place before 10 May.

Webb says: “My job is to make sure people get better pensions. So when people put hard-earned cash into a pension I am determined to make sure it doesn’t get gobbled up by charges. 

“This ban will make the system fairer for anyone being automatically enrolled into a workplace pension.”

In November last year, Money Marketing revealed the DWP was looking at whether a ban on consultancy charging could apply to schemes which had already been written.

At the time, a Government source said it could use a planned cap on auto-enrolment charges to force advisers to renegotiate previously agreed consultancy charging deals.

The DWP will consult on introducing a charge cap later this year.

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