Transparency and disclosure

Members need openness and transparency about their pension arrangements, particularly as it is the employer that chooses the scheme. New levels of transparency will come about in three ways under government proposals:

• providers of workplace DC schemes will have to disclose full information on all charges and costs in a standardised and comparable format to trustees and Independent Governance Committees;

• providers and trustees will have to provide information about charges and costs to employers before the employer makes a choice of scheme and on an annual basis thereafter. This information will be made available in a standardised comparable format to ensure that employers can assess likely value for money offered by schemes and make appropriate choices; and

• providers and trustees will have to provide information about charges to new and prospective scheme members, and about headline charges and costs annually as part of the annual benefit statement.