Parliamentary Enquiry into Pension Scheme Costs and Charges
Millions of workers have been auto-enrolled into a workplace pension. Most of these pension schemes do not disclose how much it costs to manage and invest the money they contribute.
UNISON will be making a full submission to the inquiry and we have attached a briefing on the key issues.
The Department for Work and Pensions Select Committee inquiry focuses on whether the pensions industry provides sufficient transparency around charges, investment strategy and performance to scheme members. The Inquiry will examine whether enough is being done to ensure individuals:
- Get value for money for their pension savings;
- Understand what they are being charged and why;
- Understand the short- and long-term impact of costs on retirement outcomes;
- Can see how their money is being invested and how their investments are performing;
- Are engaged enough to use information about costs and investments to make informed choices about their pension savings;
We are asking all our members working in Local Government to fill out this very short questionnaire – the evidence we collect will be included in our submission to the inquiry.