The Department of Work & Pensions recently published its research into the cost of workplace pensions in the UK and found that the highest charged schemes charging up to 1.5% of employer & employee funds each year, with the lowest taking only 0.15% each year. The research takes no account of any fees paid by the employer for advice and administration.

The range of charges quoted, highlighted by The Daily Telegraph on April 10th, mean the difference in someone with a £50,000 pension value paying anything between £75 and £750 per annum.

With employers now encouraged to review their workplace pension provision every three years to ensure that it remains competitive this research highlights the importance of doing so.

The Pension Regulator encourages employers to review not just the scheme’s charges - but also the investment choice & performance, the administration performance and the support and education which members are provided with - particularly as they approach retirement.

For an independent audit & assessment of your current provision, contact EBS.

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