Three things we learned this week

Retirement Planner's round up of the top pensions stories.

Webb accused of misleading the public over pension fees

Pensions minister Steve Webb has been accused of "jumping on the bandwagon" and misleading the public on pension fund management charges.

Doug Johnstone, chairman of Creative Benefits, has written to Webb imploring him to present a more balanced view on pension charges.

Webb has recently said the government is committed to eradicating what he sees as unreasonably high charges and active member discounts (AMDs) from the industry.

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Lords fail to slow govt's pension age rise

The House of Lords has rejected an amendment to ensure increases to the state pension age (SPA) do not exceed one year.

Lords yesterday rejected an amendment submitted by Labour peer Lord McKenzie which would have ensured nobody will have more than one year added to their SPA.

However the Lords voted instead for the government's amendment, which ensures the rise will extend the SPA by no more than 18 month.

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Danish NEST rival reveals £1.50 per month charges

Danish pension scheme ATP has revealed the details of NOW Pensions, the multi-employer trust it said can rival the National Employment Savings Trust (NEST).

NOW claimed 95% of pension scheme members choose the scheme's default investment strategy, justifying its decision to offer just one.

The strategy will be based on a managed diversified growth fund, a retirement protection fund and a cash protection fund.

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