We wrote to trustees earlier this year to tell them about this, as part of the pensions flexibility mailings and included a link to more information on our Trustee zone website.
We're now following this up with a mailing to remind them of their new responsibilities and give them more information to allow them to take action.This may generate some queries from trustees looking to you for support to help them meet their responsibilities.
Examples of this mailing can be found on the right.
|Mon 7 Dec – Wed 9 Dec||Adviser|
|Wed 9 Dec – Fri 11 Dec||Trustee|
One of the new responsibilities for trustees is to assess the value of costs and charges borne by scheme members.
To help trustees with this we're currently reviewing our workplace pensions to assess our own view of the value for money we provide. Trustees may wish to take account of this when forming their own views.
We've assessed our Retirement Solutions schemes and we believe they currently deliver value for money to the members and we are not proposing to make changes to these schemes.
However, any schemes used for auto enrolment will have the member charges capped at 0.75% a year for the default investment and commission charges, FAF charges and consultancy charges, if applicable, will be/will have been stopped or reduced from the employer's staging date.
We're currently reviewing our legacy workplace pensions to assess our own view of the value for money we provide.
We expect to have completed this review by the end of 2015 and will communicate the outcome, and if applicable, what changes we'll be making to schemes early in 2016.
Visit our Trustee zone or speak to your usual Royal London contact.