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Bank charges: Pension fees to be clearer for savers

The Association of British Insurers (ABI) has concluded an agreement with pension providers to ensure that pension charges and any other costs are clearly disclosed to employees on workplace schemes.

This will come into force for all new auto-enrolment schemes from the summer of 2014, with all other workplace pensions schemes having to follow suit in December 2015. A definition for the charges disclosure will be formulated in the first half of the year.

"This agreement is a vital way of providing savers with greater understanding and confidence in the value of saving for their financial needs in later life," said Stephen Gay, director of life, savings and protection at the ABI.

It should make it much easier for people saving for their pension to budget their earnings, ensuring they can always meet all their outgoings, including bank charges.

The agreement requires staff to be told of all charges they may receive at the outset, charges made in the previous year of the scheme and any investment transaction costs.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801520894-ADNFCR



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