Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what recent discussions she has had with the pensions sector on increasing transparency in respect of charge cap levels.

When the charge cap was introduced in 2015, DWP produced guidance for trustees on how to comply. Since this time DWP officials have met regularly with pension schemes and their service providers. As a result of this engagement DWP consulted earlier this year on an update to the charge cap guidance to provide more clarity for trustees on how to calculate charges.

The consultation can be found in chapter 5 in the link below:

https://www.gov.uk/government/consultations/defined-contribution-pensions-investments-and-consolidation

We are currently considering the feedback.