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30/10/2013
Govt Considering Cap On Pension Fees
The government is considering implementing a cap on the management fees charged by pension providers.
A cap of between 0.75% and 1% is being considered.
It is thought that such a move could save people tens of thousands of pounds.
According to reports some older pension schemes have been found to have management fees of up to 2/3% a year.
News that the government is consulting with the Treasury on a proposed cap follows an announcement on Tuesday by Pensions Minister Steve Webb that the government would launch a "full frontal assault" on pension fees.
(MH/IT)
A cap of between 0.75% and 1% is being considered.
It is thought that such a move could save people tens of thousands of pounds.
According to reports some older pension schemes have been found to have management fees of up to 2/3% a year.
News that the government is consulting with the Treasury on a proposed cap follows an announcement on Tuesday by Pensions Minister Steve Webb that the government would launch a "full frontal assault" on pension fees.
(MH/IT)
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Civil service unions to take strike action
"Massive majorities" of public sector workers have voted in favour of strike action over the proposed rise in the pension age, it has been announced. Ballots conducted by Amicus, the Transport and General Workers Union, UCATT and UNISON recorded votes of between 73% and 87% in favour of a one-day strike across the UK on March 23.
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