In early 2013 the Office of Fair Trading (OFT) began investigating whether money purchase (also known as defined contribution) workplace pension schemes are working well for consumers. The results of the OFT study were published on 19 September 2013, and have been discussed in the press.
Much of the press attention has been on the charges applied to money purchase schemes. The Trustees would like to reassure members, that the concerns of the OFT (which can be found here) primarily relate to older arrangements whose charges may be higher than those in place in younger Schemes.
As you may be aware, ahead of the improvements made to the Kingfisher Pension Scheme – Money Purchase Section (KPS-MP) on 1 July 2012, the Trustee, together with the Company, conducted a full review of our pension arrangements. The charges applied to the KPS-MP were included within this review, and continue to be high on the agenda of the Trustee Board. The Trustee works to ensure that members get good value from the KPS-MP and this includes charges.
Full details of the charges applied to member’s individual KPS-MP Retirement Accounts can be viewed under Units Purchase/Sold when logging into Your Retirement Account online. Click here to log in. Please see How can I keep track of my Retirement Account? for further guidance.
Details of the charges were also included on the Annual Benefit Statements issued in October 2013. Please see Your Benefit Statement Explained for further guidance.
Details are also included within the fund factsheets which are updated quarterly, and can be accessed here. Further information on the KPS-MP funds available can also be found here.
