UK pension schemes told to give more detail on investments, costs
UK pension schemes should give more information to members about their investments and how much asset managers are charging them to run members’ money, the government said on Thursday. The move is the latest attempt by the authorities to increase transparency in the market for pensions and investments.
The Department of Work and Pensions (DWP) said a failure to provide the information could see occupational workplace pension scheme trustees fined up to 50,000 pounds from April, 2018, under the proposed new rules.
An annual benefit statement should be given to scheme members detailing the costs and charges associated with their investments and schemes should show how the expenses affect the size of the individual’s retirement savings pot.
Read more @Reuters
