Commentary on Sections Part 6 – Private Pensions Section 44: Disclosure of information about transaction costs to members etc
187.Section 44 places duties on the Secretary of State (in relation to occupational pension schemes) and the Financial Conduct Authority (‘FCA’) (in relation to personal pension schemes) to make regulations that require the disclosure of certain information about the transaction costs incurred by money purchase pension schemes. In addition, duties are imposed in a similar way to require information on transaction costs and administrative charges to be published. The duties in relation to occupational pension schemes are set out in amendments to section 113 of the PSA 1993 and require the Secretary of State to consult the FCA and the Treasury before making regulations. The FCA duties are provided through the insertion of a new section 137FA into the Financial Services and Markets Act 2000. They require the FCA to consult the Secretary of State and the Treasury before publishing draft rules and to take account of any regulations made under the section 113 duties.