UK To Ban Flat Charges On Small Pension Pots

Law360, London (January 13, 2021, 3:22 PM GMT) -- The government said Wednesday it will ban flat charges on small pension pots worth less than £100 ($134), in a bid to prevent workers from having their savings eroded by fees by the time they hit retirement.

The Department for Work and Pensions said the ban would help those who changed jobs regularly and, therefore, had their savings spread across multiple small pension pots.

The number of small pension pots has grown rapidly since the government introduced rules in 2012 that require employers to automatically enroll staff in workplace retirement plans.

Savings from earlier retirement pots do not automatically move to...

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