23rd January 2014

Aegon comment on Steve Webb DWP announcement

Commenting on the DWP’s decision to defer any price cap on workplace pensions until April 2015, Angela Seymour Jackson, Aegon’s  Managing Director of Workplace Solutions said 

“Making a success of auto-enrolment is Aegon’s and the Government’s top priority. The decision to defer introducing any price restrictions until April 2015 supports this. It will allow employers and providers to get on with enrolling many thousands of employees into workplace schemes, often for the first time. Rushing new scheme conditions through at this critical stage  would have disrupted many employers’ plans to use good existing schemes. The Pensions Minister’s decision will avoid employees losing out on valuable contributions while employers made alternative arrangements.

“Aegon has already committed to participate in an industry-wide audit of existing schemes managed by an Independent Board. This will ensure all members – new and old – can have confidence they are receiving value for money from pensions.”

Pensions