Telling people about DC pension charges
The NAPF has published a consultation document on the draft Code of Conduct for disclosing pension charges to employers.
The draft Code has been developed with the help of an industry-wide Working Group and sets out a framework for how employers should receive information about charges at the point they are picking a pension scheme. This is particularly important under automatic enrolment as the responsibility for choosing a scheme falls to the employer, and employers will have little or no impact on their employers’ decisions.
The NAPF announced at its Annual Conference in October 2011 that it would be convening an industry Summit to promote transparency in costs and charges. To inform the discussion held at the Summit and to help the development of an industry Code of Conduct on costs and charges, the NAPF produced a discussion paper which sets out the proposed aims for a Code of Conduct to make pension charges more transparent, identifies for discussion potential issues and problems with the current situation and lists some ideas for improvement and issues for further exploration.