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Flat fees to be axed on pensions worth £100 or less to help boost smaller retirement pots
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dailyrecord.co.uk
dailyrecord.co.ukwork pension pots worth less than £100 are to be abolished to prevent them dwindling away to nothing over time under new UK Government proposals.
The move is aimed at avoiding the bleak prospect for many who have moved jobs and acquired lots of small pots during their working lives discovering they are empty when they reach retirement age.
To protect the s maller retirement funds, the UK Government plans to limit the level at which fees can be charged on them. Proposals include introducing a threshold of £100 or below which a person cannot be charged a flat fee by their pensions provider, helping limit the erosion of small pot pensions and protect savers.
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