I just got a letter to say that:
“Our Scottish Widows Pension Scheme currently includes an ‘Active Member Discount’. This means that employees who make regular contributions into their pension scheme have lower rates of charges than employees who do not.
New Government rules now mean that Scottish Widows can no longer offer this type of dual charge for qualifying workplace pension schemes after April 5th, 2016.
This means that any regular contributions that are made from April 6th will be replaced with a new single charge.
What does this mean for you?
– If you currently make regular contributions into your pension plan then you may see a small increase in your plan charges, of up to 0.05% each year. Ignoring changes in plan value, over a one-year period, this means a small charge increase of 50p for every £1,000 of pension savings.”
Anything to do with that?