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<p /> <p>The Government is committed to improving the transparency of costs and charges
in workplace pension schemes. The Government’s Command Papers ‘Better Workplace Pensions:
Further measures for savers’ and ‘Better Workplace Pensions: Putting savers interests
first’ published in March and October 2014 set out a range of measures including a
cap on charges in default fund arrangements, a ban on inappropriate charges and proposals
to introduce minimum governance standards and improve transparency across workplace
defined contribution schemes.</p><p><strong> </strong></p><p>The Government has recently
consulted on draft legislation which, subject to parliamentary approval, will introduce
new requirements on trustees to improve the transparency of costs and charges in occupational
schemes from April 2015. Under these new requirements, trustees will be required to
annually report on costs and charges for the first time. Similar rules are to be introduced
by the Financial Conduct Authority to require the newly formed Independent Governance
Committees to report on costs and charges in workplace personal pension schemes.</p><p><strong>
</strong></p><p>Later this year we will consult on ways to build on this first phase
of enhanced transparency, to meet our duties under the Pensions Act 2014 requiring
information about transaction costs to be disclosed to members of workplace pension
schemes, and the publication of costs and charges information. The FCA also intends
to consult on amending its rules to with a view to introducing equivalent enhanced
transparency provisions for workplace personal pension schemes during 2015.</p>
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