Pensions: Draw-down Charges Debate
Full Debate: Read Full DebateLord Flight
Main Page: Lord Flight (Conservative - Life peer)Department Debates - View all Lord Flight's debates with the Department for Work and Pensions
(9 years, 2 months ago)
Lords ChamberMy Lords, I imagine that quite a lot of noble Lords in the House today will remember the amendment we made to ensure that we would get transparency of charging, and we are working on that process. That is for accumulation funds, but there is no reason why we should not introduce the same thing for decumulation funds, if that is appropriate.
My Lords, the last Government introduced some really useful reforms for people saving for their pensions, and I trust the new Government will continue in that vein. I would simply make the point that it would be more useful if the Government were to put pressure on those firms providing products to have a reasonable charging structure, rather than seek to achieve this by legislative means. It seems to me that there is a very strong moral case for the Government so to do.
We are doing that, as exemplified by the new Pensions Minister meeting the industry and working with it to make sure that it produces the right level of charging. The Government and the FCA are able to monitor that to see that we get appropriate and fair charges.