The Department for Work and Pensions (DWP) has published its response to a recent consultation, and laid regulations before Parliament, in relation to changes that will impact the default fund charge cap and disclosure requirements for the majority of defined contribution (DC) occupational pension schemes. The changes will apply to schemes that provide DC benefits (relevant schemes) other than executive schemes (as defined in legislation), self-administered schemes, public service pension schemes or schemes where the only DC benefits provided derive from additional voluntary contributions (AVCs). They will also apply to collective money purchase (CMP) schemes that are being used for automatic enrolment.
In this article, we examine the consultation response and its implications.
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