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first_imgThe DWP said that it recognised “the additional challenges and risks” a flat fee structure can present, but that its view was not to ban flat fee structures outright but to consider incorporating new conditions intended to limit their application in circumstances where scheme members would lose out.More specifically, it said it was considering measures that would set a minimum pot size before a flat fee could be charged.In a blog post, Henry Tapper, former director at First Actuarial and now looking after his own company, Age Wage, said the DWP’s suggestion with respect to flat fee charging was “the one new idea” in DWP’s consultation.“This will be painful,” he wrote. “Small pots are already causing a lot of pain to master trusts and they are moving to combination charges out of financial necessity.”Transaction costs, CTI take-upAs part of its “call for evidence” the DWP is also is seeking industry views on including transaction costs within the 0.75bps charge cap.It said it wanted to “assess the effectiveness of any measures designed to improve disclosure of transaction costs before deciding whether a cap on these costs would be appropriate, and if so, at which level it should be set”.The DWP is also seeking input on options to assess and widen take-up of the standardised cost disclosure templates developed by the industry Cost Transparency Initiative (CTI).Questions it is asking include whether legislative information is required to support adoption of the CTI templates, and how easy it is to request cost information from asset managers.There is no industry-wide data on the use of the CTI templates, although the CTI has reported strong take-up.The DWP’s consultation can be found here. It is open until 20 August. The DWP said it aimed to bring forward proposals in response to the consultation later this year.To read the digital edition of IPE’s latest magazine click here. The Department for Work and Pensions (DWP) has suggested imposing new conditions on the use of flat fees in default arrangements in defined contribution (DC) auto-enrolment schemes.It is seeking industry views on this as part of a wider consultation on the charge cap for default DC auto-enrolment arrangements and standardised cost disclosure.A flat annual fee can be combined with a percentage of funds under management for one of two permissible combination charging structures for default funds in DC auto-enrolment arrangements.While seen as providing the greatest benefit to members with the largest funds, flat fees have been criticised for having a regressive effect on small pension pots.last_img read more

first_img CSKA Moscow and Manchester City UEFA has decided to take no action against CSKA Moscow for having fans inside the closed stadium in the 2-2 draw with Manchester City on Tuesday night.Some 200 to 300 people supporting the Russian outfit were inside the Khimki Arena for the Champions League encounter, despite the game being ordered to be played behind closed doors after previous offences from the home fans.But UEFA is satisfied that rules were followed at the match and has opted not to further punish CSKA.Manchester City captain Vincent Kompany has already claimed it was “unacceptable’” his side were not allowed any supporters at the game.The Belgian defender said: “You say ‘no fans’ then all of a sudden you turn up and basically the only team that hasn’t got fans is Man City. So who’s getting punished? Who is being done for racism? Man City or Moscow?”UEFA chief of press Pedro Pinto said the ‘supporters’ were guests of sponsors, staff or parents of ball boys who are not covered by the stadium ban, which was imposed for racist behaviour by fans.He added: “The game was still played behind closed doors – we have sponsors that get tickets to every game even when sanctions are involved, as do staff and the parents of the ball boys, and that was the situation yesterday.“As far as the corporate guests are concerned we cannot control what they wear or if they take scarves or flags but there was no inappropriate behaviour or banners.“Less than three per cent of the stadium was used and the club do not get gate receipts and enjoy the product that is the Champions League – they were still penalised.” 1last_img read more