SAVERS and employers are set to receive more information on pensions fees in a new drive to boost competition in the sector and improve pension funds’ reputations, with a fresh code of conduct published today.
Firms following the new guidance will send employers a standard template summarising how pension charges are levied, and the services they get in return.
“Auto-enrolment will help get millions of workers saving for their old age, but it will only truly succeed if people join a pension that offers good value for money,” said Joanne Segars from the National Association of Pension Funds. “Employers need to be able to see more clearly what is being charged and why. They will then be more likely to pick the best pension for their staff.”