HUNDREDS of thousands will see their retirement savings boosted by tough curbs on pension fees.
Ministers will today unveil plans to ban annual flat fees on all auto-enrolment pension pots worth £100 or less to help job-hoppers who leave a string of workplace schemes.
Many, especially low earners, see their savings eroded by annual flat fees on relatively small amounts of cash.
Figures from five of the largest defined-contribution providers covering more than 11.2 million deferred pension pots show around a quarter are smaller than £100.
Alarmingly, experts suggest £100 saved in a workplace scheme by a 22-year-old could be wiped out by fees during their employment.
Pensions minister Guy Opperman said yesterday: “Protecting savers and giving them value for their money is my priority.”
He said the fees crackdown would “help them enjoy the retirement they deserve”.
‘Consequences’
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