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Responding to the Department for Work and Pension proposals on the mandatory disclosure of transaction costs, Darren Philp, director of policy at The People’s Pension, said
“This is welcome news. Transparency in transaction costs is crucial in helping consumers assess value for money, and it’s important that this information is scrutinised as part of effective governance. While the announcement is welcome the government should go a step further and include transaction costs under the charge cap for auto-enrolment schemes, where trustees would have to explain if the cap were breached due to transaction costs.
“At The People’s Pension we truly believe in transparency and we have published full details of our transaction costs for public scrutiny. Only with such action can we be sure that transaction costs are proportionate and do not disproportionately affect pension savers’ investments.”
Notes to editors:
About The People’s Pension
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with over 3 million members and over 70,000 employers signed up. Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector. We tweet as @peoplespension.