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OFT targets active member discounts in pensions study

The Office of Fair Trading will call for active member discounts to be banned in a forthcoming report on the defined contribution workplace pensions market, according to The Sunday Times.

In May, the OFT published a market update on its DC pensions study setting out concerns about governance, legacy charges and schemes being used for auto-enrolment which have “built-in” adviser commissions.

The update also pointed to active member discounts, where members who have stopped making contributions to a scheme are charged more than active members, as a potential problem in the market.

The Sunday Times says the OFT will call for AMDs to be banned in its final report, which is due to be published on Friday.

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