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<p /> <p>The Government is committed to ensuring greater transparency for pension
savers.</p><p> </p><p>From April this year, workplace schemes are required to report
on the value delivered by costs and charges in their scheme for the first time. Building
on this, the Department for Work and Pensions and the Financial Conduct Authority
ran a joint Call for Evidence ‘Transaction Cost Disclosure: Improving Transparency
in Workplace Pensions’, considering how transaction costs could be disclosed in a
standardised way. This is the first phase of work required to meet duties under Section
44 of the Pensions Act 2014 to require transaction costs to be disclosed to members
and others; and transaction costs and administration charges to be published. The
Government is currently considering responses to the Call for Evidence.</p><p> </p><p>Transparency
is not just about costs and charges. Earlier this year the Government consulted on
changes to the Occupational Pension Schemes Investment Regulations requiring trustees
to report how they take financial and non-financial factors into account when investing,
and their schemes stewardship policy. The Government is currently considering responses
to the consultation.</p><p> </p><p>The Government intends to consult on any secondary
legislation required following these exercises later this year, and will consider
what further proposals may be needed to ensure greater transparency for pension savers
including consideration both of its duties under the Pensions Act 2014 and the remarks
made in debates on 7 January.</p>
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