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Workplace pensions’ charges set to become more transparent

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The workplace pension's market is set to become clearer under a new pensions code aimed at making charges more clear and accurate.

Pensions companies will have to provide information that will highlight exactly how and what proportion of savers’ pension contributions will go on fees and charges.

Currently, details of fees and charges are only included in small print, often overlooked and under-discussed in pensions presentations.

Webb said the code was a ‘useful starting point’ as auto-enrolment is rolled out, but argued the government would take action if there is insufficient progress.

He said: “We welcome today’s announcement on the introduction of a joint industry code of conduct on making pensions charges clear to employers – it’s a useful starting point in improving transparency across the industry as automatic enrolment is rolled out.

“We are looking to the whole of the industry to do the right thing and work together on this and other industry initiatives to improve transparency.”

Webb added: “We hope to see the code’s widespread adoption and for individuals to be enrolled into schemes with value for money and transparent charges. However, we are prepared to consider taking action more broadly on charges if insufficient progress is made.”

Pensions’ minister, Steve Webb, has said that there may be an introduction of a cap on charges to stop consumers being faced with high surprise fees.

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