Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps the Government is taking to seek a solution to the problem of hidden costs and charges in pension schemes.

The Financial Conduct Authority (FCA) currently intend to publish final rules later this month on how asset managers must disclose cost and charge information to Independent Governance Committees, and to trustees who have a duty to report on these matters.

As previously announced, the Department for Work and Pensions (DWP) plan to bring forward regulations for consultation later this year on how costs and charges in relevant occupational schemes should be published and given to members. As part of that consultation, DWP will also look at the most appropriate way of communicating the long-term effect of costs and charges on members’ pension pots.

The FCA plan to bring forward rules for members of workplace personal pension schemes and stakeholder pension schemes in due course.