The final version of the charges cap regulations were published last week and are due to come into force on 6 April. Broadly, they will impose a 0.75% cap on charges in money purchase default arrangements. But the regulations give an unexpectedly wide meaning to "default arrangement" in this context, and they will in fact apply to investment options that one wouldn’t normally think of as default funds. Trustees of all schemes where money purchase contributions are still being accepted should consider whether they need to take urgent steps in order to comply.

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