scheme fees

Association of British Insurers will work with the Financial Services Authority and The Pensions Regulator on a ‘disclosure protocol' for pension charges.

Hidden charges can more than double the cost of diversified growth funds, according to an LCP survey.

The majority of pension providers and managers are failing to inform savers about 'hidden charges' which typically wipe £100,000 off pension savings, a think tank has said.

The Association of British Insurers has downplayed the impact of charges on pension pots, pointing instead to the importance of increasing contributions and saving earlier.

The Pensions Management Institute has thrown its weight behind efforts to make charges more transparent before the introduction of auto-enrolment.

Workplace defined contribution pension provision is to be investigated by the MPs who make up the Work and Pensions Committee at the House of Commons.

Ed Miliband has urged the government to introduce a consumer watchdog to stop "predatory" companies and pension providers from taking advantage of consumers through excessive charges.

The lack of transparency on charges has created a "pensions fog" that is deterring people from saving, a Conservative MP has said.

Auto-enrolment will not work without clear and transparent charges from pension schemes, the National Association of Pension Funds said today.

Excessive trading is adding more than £3bn a year of hidden charges for UK schemes, according to research.