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Billed as proposing "tough new regulations for master trusts to boost consumer protection", this new Bill at present is almost entirely about Master Trusts. It's an attempt to ensure higher standards
Additionally, in relation to charges, Clause 40 of the Bill amends existing legislation in PA 2014 Sch 18 para 6, to
a) support the Government's intention to cap early exit charges, and
b) ban member-borne commission charges in certain occupational pension schemes,
by permitting the Secretary of State to make regulations to override contract terms between trustees and service providers.
As such it largely fulfils expectations following the Queen's Speech on 18 May, although the Government has since announced it is having second thoughts about the restructuring of public financial guidance. . . .
21 Oct 2016 Check other news items
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