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Freudian Slip
SallyG
Posts: 850 Forumite
http://www.professionaladviser.com/professional-adviser/news/2412463/govt-takes-wait-and-see-appraoch-to-potential-drawdown-cap
"Speaking in the House of Lords, the minister of state for welfare reform said the government was monitoring the growing drawdown market, which is predicted to increase on a massive scale as people choose to keep their pension pots invested.
Freud (pictured) said: "We already have the power to limit or ban decumulation charges and if we see that providers are charging excessive fees, we will not hesitate to act.
"We are going to see how the market develops. It has only been going for two months."
"Speaking in the House of Lords, the minister of state for welfare reform said the government was monitoring the growing drawdown market, which is predicted to increase on a massive scale as people choose to keep their pension pots invested.
Freud (pictured) said: "We already have the power to limit or ban decumulation charges and if we see that providers are charging excessive fees, we will not hesitate to act.
"We are going to see how the market develops. It has only been going for two months."
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Comments
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Seeing as most providers abolished their drawdown charges well in advance of the changes, I really don't get why they keep going on about charges the way they are.
I suspect its to pander to the Daily Mail crowd. Whinge whinge whinge about high charges and then claim a year later that they won the battle to get charges down when in reality there were no charges there.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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