The TUC has welcomed the new code of conduct on communicating information about charges in defined contribution (DC) schemes to employers, published today (Wednesday) by the pensions industry.
As part of automatic enrolment many employers are
required to set up a workplace pension scheme for the first time. Under the new
code, providers and advisers will be required to tell companies how their staff
will be affected by charges taken out of individual pension pots.
TUC General Secretary Brendan Barber said: "The code
is a big step forward. Employers need help in choosing the best auto-enrolment
pension, and their staff need to know they have made a good choice too.
"This new code brings greater transparency to
charges. This is vital as even small variations can make a big difference to
the pensions people receive.
"It's good to see consumers, unions, employers and
the pensions industry working together on this code. This co-operation must
continue to ensure compliance with the code.
"And whilst the charges code will be of great help
we still need to develop more ways to ensure that both employers and employees
get the best possible return from each pound saved."
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