Want a cheap and simple pension to invest in retirement? MPs say firms must offer easy drawdown - with charges capped at 0.75%
People wanting to invest their pension in retirement should be given a simple 'default' drawdown option with annual charges capped at 0.75 per cent, say MPs.
Any pension firm that currently sells drawdown products should be forced to offer a cheap, standardised version by April 2019, to sit alongside other more expensive schemes that come with a broader investment choice, they propose.
MPs are also calling for a publicly-run 'pensions dashboard' - giving people information on all their retirement savings in one place - to be prioritised over the multiple private dashboards being developed... read more
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