The Pensions and Lifetime Savings Association (PLSA) has today (Friday) responded to the launch of a new Work and Pensions Select Committee inquiry on pension costs and transparency.
Nigel Peaple, Director of Policy and Research, PLSA, said:
“In order to improve consumer confidence in pensions, and understanding of these complex products, it’s absolutely vital that any fees and charges are transparent for savers. Today’s inquiry is an important step in this process and follows the work the PLSA has done with the Institutional Disclosure Working Group, Financial Conduct Authority and the Investment Association and in order to make costs clearer to both savers and pension scheme trustees.
“In our report, Hitting the Target, we highlighted this issue and proposed the pensions sector develop a set of metrics to assess whether a scheme offers value for money, alongside introducing national retirement income targets to help people understand how much to save. We are also supportive of banning contingent charging to remove incentives for poor practice within defined benefit transfers. We look forward to working with the Committee on this inquiry and on any recommendations it proposes.”
NOTES TO EDITORS:
ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; we bring together the pensions industry and other parties to raise standards, share best practice, and support our members. We represent over 1,300 pension schemes with 20 million members and £1 trillion in assets, across master trusts, defined benefit, and defined contribution schemes, and local government funds. Our members also include some 400 businesses which provide essential services and advice to UK pensions providers.
Our mission is to help everyone to achieve a better income in retirement. We work to get more people and money into retirement savings, to get more value out of those savings, and to build the confidence and understanding of savers.
Robyn Margetts, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]
Steven Kennedy, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1737, M: 07713 073024, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]