The government has tabled an amendment to the Pensions Bill to require pension providers to disclose all transaction costs in workplace defined contribution (DC) pension schemes.
This extra information is aimed at enabling employers to see exactly how much they are paying for asset management services to get the best value for pension scheme members, who will also benefit from greater transparency.
The reform, announced on 24 February, is the latest part of the government’s drive to bring greater fairness and transparency to pension costs.
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The government will publish its response to the consultation on pension charges, which was launched in October 2013, 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.
The Pensions Bill will be debated in the House of Lords during the week of 24 February.
Steve Webb (pictured), minister for pensions, 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.
“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.”
Disclosure of pension fund charges is a step in the right direction to give consumers a fighting chance of being able to compare products and choose a pension plan which will provide value for money. Given the variety of fees and charges which are applied across the pensions industry, transparency on costs must be supplemented with a requirement to explain when and how such costs are applied. If the pensions industry is to succeed in effectively engaging with consumers, we must do all we can to make pensions understandable. Disclosure of stark figures will not assist unless it is backed up with clear information everyone can understand.
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