Aegon "pleased" over pension dual charging structure

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Aegon "pleased" over pension dual charging structure

Wed 17th Mar 2010

Steven Cameron, head of business regulation at Aegon, said the company had always valued the scheme as a priority, especially in light of the recent credit crisis which has made people "risk averse".

He added: "A combination charge is the best way to reduce the timing mismatch between income from charges and costs incurred, while also being fair to members."

Mr Cameron speculated it may reduce additional taxpayer subsidies to the national pension fund if employees decide to "opt out" of the scheme.

The new system is expected by the Department for Work and Pensions to allow millions of low-to-moderate earners the opportunity to save for their retirement.

Since the Pensions Act 2008 it has been compulsory for employers to automatically enrol all eligible jobholders into a pension scheme.

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