Guarding the guardians

Rachel Dalton asks what schemes can do to ensure they know exactly what they are being charged by transition managers

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Last month State Street was hit with a £22.9m fine for deliberately overcharging its transition management (TM) clients, two of which were high-profile pension schemes.

State Street said it "acknowledges" these "historical problems" with "unacceptable behaviour" and has taken steps to improve its TM business, including dismissing staff in 2011, and strengthening c...

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