Debbie Abrahams MP, Labour’s Shadow Work and Pensions Secretary, commenting on the Financial Conduct Authority’s proposed new set of rules to standardise the disclosure of transaction costs incurred by pension investments under their regulation, said:

“I welcome the Financial Conduct Authority’s proposed new rules that introduce a duty on asset managers to disclose aggregate transaction costs to pension schemes that invest in their funds.

“For too long the costs and charges levied on pension schemes have been complicated and hidden. Pensions as they are currently structured are nigh on impossible to understand and are harming peoples’ efforts to save the right amount of cash for later life. We all need to concentrate on pension outcomes as well as pension contribution levels.

“Thanks to pressure from Labour and the Trade Unions, we have seen a new template for Local Government Pension Scheme reporting and I am pleased that the FCA are proposing replicating this. We now need this standardisation to pass across to pension schemes regulated by the Pensions Regulator, that is all trust based defined benefit and defined contribution schemes. Labour will continue to press for this”