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DWP considers removing performance-based fees from charge cap
United Kingdom | Publication | December 2021
The DWP is consulting over removing performance-based fees entirely from the 0.75% charge cap that applies to DC default funds. The aim is to further encourage DC schemes to invest in illiquid assets, such as infrastructure, to aid the UK’s economic recovery.
Although new laws were introduced from October allowing trustees to smooth performance fees over a period of 5 years, the Government is concerned these changes do not go far enough. The Productive Finance Working Group (convened by the Bank of England, HM Treasury and the FCA) recently recommended further consideration of the performance fees and charge cap issue and the Chancellor promised another consultation in the autumn budget.
The DWP recognises that there are other barriers to the type of DC investment the Government is keen to promote, such as daily pricing. It accepts that changes to the charge cap alone will not act as a 'silver bullet' for all issues but hopes to remove at least one barrier DC trustees may face.
The consultation closes on January 18, 2022.
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