§ Mr. WebbTo ask the Secretary of State for Social Security what proportion of the proposed 1 per cent. maximum charge for stakeholder pensions is intended to cover the costs of advice. [88051]
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§ Mr. TimmsWe want to set the overall charge limit at a level which will, over time, allow stakeholder pension schemes to meet the cost of delivering a number of services, including information and basic advice, to potential members. These costs are likely to vary from scheme to scheme and it would not be sensible to specify what proportion of the charge should be used to provide each element.
We will be consulting further on the advice arrangements for stakeholder schemes, including defining what basic advice should cover. The final decision on the overall limit on charges will be made in the light of this further work.