Pensions - Articles - Government requires disclosure on hidden pension charges


 The government has tabled an amendment to the Pensions Bill to require pension providers to disclose all transaction costs in defined contribution workplace pensions.

 This extra information will enable those running defined contribution schemes to see exactly how much they are paying for asset management services to get the best value for scheme members, who will also benefit from greater transparency.

 The reform is the latest part of the government’s drive to bring greater fairness and transparency to pension costs.

 Minister for Pensions Steve Webb said:

 "We’re taking action to ensure consumers have access to good quality pension schemes so they have the confidence to plan for their futures. For the first time, we are shining a light into the murky corners of the pensions industry to make sure savers know what is happening to their money.

 A lack of transparency around the true costs of trading can prevent schemes from securing value for money for their members. We will outline further details on our proposals shortly."

 The government will publish its response to the consultation on charges, along with proposals on quality and transparency in workplace pension schemes soon. This will contain further details about the implementation and timing of the measures announced today.

Back to Index


Similar News to this Story

Wish list for the occupational pensions industry in 2025
As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces nume
PSIG announces outcome of Consultation
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedbac
Transfer values fell to a 12 month low during November
XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end po

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.