Pensions: Draw-down Charges Debate
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Lord Campbell-Savours
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Pensions: Draw-down Charges
Lord Campbell-Savours Excerpts(8 years, 11 months ago)
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Lord Freud
My Lords, we have a marketplace and it is fair to give it a chance to develop. At the moment, according to the FT and Which?, the annual charges applied to decumulation pots are somewhere between 0.25% and, for high-end performers, 1%. For the set-up, the charge is somewhere between £70 and £300. As we start to gather this evidence and assess it, we will know whether we need to intervene.
Lord Campbell-Savours (Lab)
Is the noble Lord’s ministerial colleague, sitting at his side, equally in favour of this watching approach?
Lord Freud
I think the noble Lord will be able to see a quote saying exactly that: she is monitoring this very closely.