Reporting costs, charges and other information: guidance for trustees and managers of occupational pension schemes
This guidance for occupational pension scheme trustees and managers provides information on disclosure and administration regulations.
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The disclosure and administration regulations require trustees and scheme managers of certain occupational pension schemes offering money purchase benefits to, amongst other things:
- identify the levels of the pension scheme charges and transaction costs incurred by the member on each investment option
- provide an illustrative example of the cumulative effect of those charges and costs over time
- produce statements explaining the scheme’s investment policies and how they have carried them out
- publish these, along with other relevant information on a publicly available website free of charge – and tell members where it can be found
Trustees and managers of the relevant occupational pension schemes must have regard to this guidance on meeting the requirements in The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 and The Occupational Pension Schemes (Scheme Administration) Regulations 1996, as amended in 2018. They must also have regard to the guidance effective from 1 October 2021 in respect of the these regulations, and the amendments made to them by The Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021.
We published the government response to the consultation on Occupational pensions: improving disclosure of costs, charges and investments on 26 February 2018 and the government response to the consultation on Clarifying and strengthening trustees’ investment duties on 11 September 2018.
We published the consultation response to the Improving outcomes for members of defined contribution pension schemes and Incorporating performance fees within the charge cap on 21 June 2021.
You can access the statutory guidance that was effective from 11 September 2018 to 30 September 2021 from the The National Archives.
Last updated 21 October 2022 + show all updates
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Updated 'Reporting costs, charges and other information: guidance for trustees and managers of occupational pension schemes'. The new and updated paragraphs are listed in the 'Summary of changes' in the HTML and PDF.
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Removed guidance that was effective from 11 September 2018 to 30 September 2021 and added a link to the National Archives for anyone who needs to access this older guidance.
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Added updated guidance that will be effective from 1 October 2021. Until then, the guidance from September 2018 is applicable.
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First published.