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NEST charges announcement
Following the Government's announcement today on the NEST charging structure Mark Futcher, Associate, made the following comment:
‘Back to the Future’ on charging structures and a move away from clear and simple stakeholder guidelines that have been promoted so heavily by the Government since 2001. I suspect that Stakeholder providers will welcome this news! Once again there is no real detail on this up front charge; how long will it last for, will everyone pay it regardless of when they join, will it apply to all contributions? I believe that this also contradicts their investment statement that they do not want to give members a negative impression in the early years hence the investment option will be cash. With returns on cash so low at the moment members may still see a fund value less than what they contributed due to the initial charge.
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