Labour shadow pensions minister Gregg McClymont has set out ten principles he believes will "end rip-offs in private pensions".
His plan comes after he told the ministers to "stop talking and start acting".
His submission to the ongoing industry negotiations on a charges code of conduct he called for "full disclosure".
The code of conduct is being prepared by the National Association of Pension Funds, which has proposed a two-page document to communicate charges in ‘pounds and pence'.
McClymont laid out ten high-level principles he believes the code should encompass:
1. The consultation relates to a code for employers. A code of conduct is also needed for the declaration of costs and charges for pension savers as well as employers. The same principles apply to codes for both.
2. Costs and charges should be declared in a simple and clear summary with the detailed backing information available on request.
3. The form of declaration should be standardised so that the costs and charges of pension schemes can be compared easily.
4. The costs and charges declared should include all the costs and charges which affect the value of the savers' pension pots. This includes all costs to the invested funds - both explicit and implicit costs arising from trading. This necessarily implies that the costs and charges from all intermediaries and the provider are included.
5. Declaration of costs and charges should include an illustration of the impact of total costs and charges on the final pension pot.
6. Where different costs and charges apply to different members, for example active or deferred members, corresponding illustrations should be included.
7. The costs and charges which will apply as a consequence of switching pension provider should be declared.
8. Employers and savers should be regularly updated on costs and charges since some vary over time. Variations in updates should be highlighted.
9. A code should apply to the industry as a whole and the code should be binding in its entirety.
10. An auditor independent of the provider should sign off on a statement that the declaration of costs and charges is a true and fair statement of the total costs and charges.
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