Pensions - Articles - Aegon’s statement on auto-enrolment cap charges

 Following the Department for Work and Pensions (DWP) announcement on price caps, Aegon have announced that they’ll apply the auto-enrolment cap charge for all new business written from 31 August 2014.

 Aegon has a significant number of employers who are in their final stages of auto-enrolment and does not want to unsettle these at this late stage. For this reason, so only schemes going through their initial assessment of the auto-enrolment population after 31 August 2014 will receive these new terms.

 Angela Seymour-Jackson, Aegon’s Managing Director, Workplace Solutions said: “Now we have clarity on the level of the price cap and other charge restrictions, we want to work with employers and their advisers to plan ahead, drive value for customers and continuing to make a success of auto-enrolment. We’ll be carrying out a comprehensive review of our existing pension schemes in the coming weeks, and can reassure employers and advisers, that we’ll work with them to transition to DWP compliant terms.”