Pension fees: Move to create 'pounds and pence' disclosure rules

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Pension funds are developing a code of conduct around charging transparency which will see customers told "in pounds and pence" how much of their savings are lost in management charges.

At its annual conference today, the National Association of Pension Funds (NAPF) will announce it is holding a summit on fee transparency with a view to creating simplified disclosure. According to NAPF consumer research, one in three people will opt out of workplace pensions when auto-enrolment comes into force from 2012, excluding three million from saving. Of those who will opt out, 26% said it is because they do not trust the industry with their money, whilst 29% said they distrust the government. The research also suggested 80% of possible future savers want greater transparen...

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