Improving transparency in workplace pensions: transaction costs disclosure
Consultation description
This is a joint call for evidence between the Department for Work and Pensions and the Financial Conduct Authority. It explores:
- how to improve transparency in reporting information about the transaction costs and charges for members of workplace pension schemes
- what costs to include
- how to capture and report costs
- whether to provide information on other factors that influence investment returns
- how Independent Governance Committees and trustees will receive costs information and whether additional disclosure requirements on other parties are necessary to enable this
- when, how, to whom and in what format to provide information
The call for evidence is primarily aimed at:
- those involved in designing and running workplace pension schemes
- pension industry professionals and advisers
- pension scheme members
- consumer groups and member representative organisations
- anyone with an interest in pensions
The Financial Conduct Authority commissioned research to examine transaction costs in the workplace pensions market. This report is discussed in this call for evidence.
Ways to respond
As this is a joint call for evidence, please send a copy of your responses to both of the following organisations:
Department for Work and Pensions
Email: reinvigorating.pensions@dwp.gsi.gov.uk
Post:
Transparency Team
Department for Work and Pensions
3rd Floor West, Zone G
Quarry House
Leeds LS2 7UA
Financial Conduct Authority (FCA)
Online: send them to the FCA using the form on their website
Email: dp15-02@fca.org.uk
Post:
Carol McGinley or Michael Collins
Strategy & Competition
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
