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BRIEF-Britain announces plans for disclosure of pension costs and charges
October 26, 2017 / 7:46 AM / 24 days ago

BRIEF-Britain announces plans for disclosure of pension costs and charges

Oct 26 (Reuters) - UK GOVERNMENT

* PENSION SCHEMES WILL BE COMPELLED TO PUBLISH THE FEES THEY CHARGE THEIR MEMBERS FOR INVESTING THEIR PENSION, UNDER PROPOSALS ANNOUNCED‍​

* FAILURE TO PROVIDE THIS INFORMATION COULD COST OCCUPATIONAL WORKPLACE PENSION SCHEME TRUSTEES UP TO £50,000 FROM APRIL 2018

* UP TO 10 MILLION PEOPLE COULD BENEFIT FROM THE MOVE

* PROPOSING THAT MEMBERS RECEIVE AN ANNUAL BENEFIT STATEMENT WHERE THEY CAN FIND THE COSTS AND CHARGES FOR THEIR SCHEME. ‍​

* FINANCIAL CONDUCT AUTHORITY WILL CONSULT ON RULES FOR WORKPLACE PERSONAL PENSIONS IN THE NEW YEAR. CONSULTATION IS OPEN FOR 6 WEEKS

* GOVERNMENT WILL COMPEL SCHEMES TO PUBLISH AN ILLUSTRATION OF THE COMPOUNDING EFFECT OF THE COSTS AND CHARGES AFFECTING THEIR PENSION SAVINGS‍​ Source text: bit.ly/2xoPfNg

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