Defined contribution (DC) schemes will have to disclose investment costs and charges as the government presses ahead with a bid to build a more transparent and trustworthy pensions sector.
From 6 April, trust-based schemes, including master trusts, will be required to publish information to members, beneficiaries, and recognised trade unions for all investment options available to members on an annual basis. Disclosure should also include the compounding effect of such charges in both a members' annual benefit statement and an online publication of the costs across the various investments. Failure to comply could see fines of up to £5,000 for trustees, or £50,000 for an organisation, although these are subject to The Pensions Regulator's (TPR) discretion. Confirming ...
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