Since the introduction of the pensions charge cap in 2015 AREF lobbied Government to exclude property holding and maintenance costs from the cap. As a result, the Government has now clarified that such costs fall outside the cap. This will allow pension savers to benefit from the diversification and returns that property offers.
The Government published guidance for trustees and managers of occupational schemes on the charge cap in March 2015. The latest update was in January 2022: