Committees

Pension costs and transparency inquiry

Inquiry

The Committee’s recently completed inquiry into Pension freedom and choice examined ways to ensure that people saving for their pensions are equipped to make well-informed choices, and are well served by the pensions marketplace. Our report on the British Steel Pension report found that scheme members were ‘shamelessly bamboozled’ by advisers and unregulated introducers into signing up to ongoing adviser fees and unsuitable pension products and investments, characterised by high investment risk, high management charges and punitive exit fees. The Committee concluded that the use of contingent charging (‘no transfer no fee’) by DB transfer advisers gives rise to an ‘inherent conflict of interest’ and recommended that the FCA ban the use of contingent fee models for DB transfer advice.

Following on from that work, this new inquiry focuses on whether the pensions industry provides sufficient transparency around charges, investment strategy and performance to consumers.

The deadline for written submissions was 3 September 2018.

Reports, special reports and government responses

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29th Report - Pension costs and transparency
Inquiry Pension costs and transparency inquiry
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HC 1476
Report
Response to this report
2nd Special Report - Pension cost and transparency: Government and Financial Conduct Authority Responses to the Committee's Twenty-Ninth Report of Session 2017-19
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HC 292
Special Report
2nd Special Report - Pension cost and transparency: Government and Financial Conduct Authority Responses to the Committee's Twenty-Ninth Report of Session 2017-19
Inquiry Pension costs and transparency inquiry
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HC 292
Special Report

Correspondence

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Letter from Guy Opperman MP, Minister for Pensions and Financial Inclusion, re written statement on pensions dashboard, dated 5 September
Inquiry Pension costs and transparency inquiry
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Letter from Dr Yvonne Braun, Director of Policy Long Term Savings and Protection Assn of British Insurers re Pension costs and transparency dated 18 Jan 2019
Inquiry Pension costs and transparency inquiry
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Letter from Alastair Bridges Director Finance and Corporate Services IPSA re MPs' staff pension scheme, 11 January 2019
Inquiry Pension costs and transparency inquiry
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Correspondence

Oral evidence transcripts

No oral evidence transcripts published.

Written evidence

No written evidence published.

Other publications

No other publications published.

Contact us

We can’t usually help you with an individual problem or a specific complaint.

  • Email: workpencom@parliament.uk
  • Phone: 020 7219 8976 | 020 7219 1679 (Media)
  • Address: Work and Pensions Committee | House of Commons | London | SW1A 0AA