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 steps his Department plans to take in response to the Report of the Transparency Taskforce, published in May 2016, on the costs and hidden fees associated with investments and pensions.

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.