The Financial Conduct Authority (FCA) and Department for Work and Pensions (DWP) have issued a call for evidence on which costs should be included in annual charge disclosures on workplace pension schemes, as part of a project to allay savers' fears about the 'dark corners' of the investment and pension sectors.
How costs should be captured and reported, and whether information about other factors that impact on investment returns should be provided are also areas on which the FCA and DWP are requesting views. From April this year, Independent Governance Committees (IGCs) and pension scheme trustees will be required to report annually on the costs and charges involved in managing and investing the pension pots of scheme members. FCA director of strategy and competition Christopher Woolard said: "Transaction costs and charges associated with workplace pension schemes have a direct impact on th...
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