The Office of Fair Trading has decided to get stuck into workplace pensions.
Pension people fight grimly on like townspeople uner siege in the 100 years war. The OFT is the invincible siege engine wheeled to the gates.
In August this year, the OFT report will be published;
the townspeople have over six months contemplate the carnage that will “ensue”.
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The market study will focus on value for money and the size of pension pot savers end up with at retirement. It will look at the following:
- How pension providers compete with one another and how the market may develop over time.
- Whether there is sufficient pressure on pension providers to keep charges low, and the extent to which information about charges is made available to savers.
- Whether smaller firms face difficulties in making pension decisions in the interests of their employees.
- Whether smaller firms receive appropriate help and advice in setting up and maintaining workplace pension schemes.
- Barriers to switching between schemes and a potential lack of ongoing employer engagement in setting up and managing pensions.
____________________________________________________
Call out the instigators
Because there’s something in the air
We’ve got to get together sooner or later
Because the revolution’s here, and you know it’s right
And you know that it’s right
Related articles
- Right direction – wrong speed! Defining a “good” workplace pension. (henrytapper.com)
- OFT launches investigation into charges on pensions (telegraph.co.uk)
- Seven things to know about the new state pension! (henrytapper.com)
- Pensions regulator to scrutinise value of schemes (independent.co.uk)
- Never mind the width – feel the quality! (henrytapper.com)
- ABI finally comes clean on pension charges (henrytapper.com)
- UK consumer watchdog to scrutinise pensions market (uk.reuters.com)
- Pensions: Workplace Schemes Investigated (news.sky.com)
- OFT to investigate workplace pensions market (guardian.co.uk)
- OFT investigates pension schemes (bbc.co.uk)
Worthy aims. A good shake-up is probably overdue – let’s see if it has any ultimate effect. No word of the serial cluster***** of successive Governments, of course.
But a great start to Friday, hearing Thunderclap Newman in my mind…
I’m afraid, Henry, I take issue again with some of your allusions if aimed at a British audience.
The Hundred Years’ War was an English War. Our position was, and still is, known as the
Vieille Alliance.
As for Thunderclap Newman? One hit wonders, though I gather Andy Newman may still be touring.
Will we (or our kids) be saying the same in another 44 years’ time?
yours aye, George
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