charges

Naomi Rainey looks at the DWP’s latest defined contribution landscape report

The government has proposed an amendment to the Pensions Bill which will pave the way for regulations requiring the disclosure of transaction costs to scheme members.

The government will introduce transparency requirements on transaction charges in workplace defined contribution (DC) schemes, pensions minister Steve Webb has announced.

A group of Labour lords have tabled an amendment to the Pensions Bill that would force the government to impose a pension scheme charge cap by 30 April 2015.

The average annual management charge is 0.71% and 0.84% for defined contribution (DC) trust-based and contract-based schemes respectively, according to Department for Work and Pensions (DWP) research.

Labour MP Rachel Reeves has demanded Prime Minister David Cameron "clarify" the government's position on a charge cap for defined contribution (DC) schemes.

This week, Buzz respondents said trustees must get better at understanding fees.

Labour has vowed to push through a pension charge cap and make using an annuity broker mandatory should it win the next general election.

Naomi Rainey asks how much the minister can achieve before May 2015

Natasha Browne asks if employers will pass on the cost of change to members