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Banning member-borne commission payments

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Published on: 16 February 2016

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Table of contents

Original news
What is the main outcome of the consultation?
What is the background to the consultation?
What were the key points of the consultation?
What conclusions has the government reached?
Are there any surprises or concerns?
Are there any big differences with the equivalent FCA measures introduced through the Personal Pension Schemes (Restrictions on Charges) Instrument 2015, FCA 2015/5?
Do the published draft regulations seem adequate and what scope is there for future regulation?

Article summary

Pensions analysis: On 28 October 2015, the Department for Work and Pensions (DWP) published a consultation paper on the most effective way to implement a ban on member-borne commission in occupational pension schemes. The consultation closed on 27 November 2015 and the DWP published its response on 26 January 2016. The response included a further consultation on the draft regulations (the Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2016) that will put the ban in place, and that consultation ended on 9 February 2016. The Lexis®PSL Pensions team take a closer look at the consultation and the DWP’s response.

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