Debbie Abrahams – 2016 Parliamentary Question to the Department for Work and Pensions

The below Parliamentary question was asked by Debbie Abrahams on 2016-07-19.

To ask the Secretary of State for Work and Pensions, what plans his Department has to ensure that pension schemes are obliged to (a) identify and (b) publish details of costs to a pension fund for scheme members.

Richard Harrington

The Government remains committed to increasing transparency and ensuring that members of pension schemes are able to obtain information about the costs and charges which they bear.

Governance bodies of defined contribution workplace pension schemes are obliged, under existing requirements, to assess costs and charges. We and the Financial Conduct Authority (FCA) are actively considering how to achieve greater transparency and standardisation of transaction costs, and the FCA plans to publish a consultation later this year.