Background Charges and requirements in pension schemes
15.On 4 July 2013 the Government published Quality standards in workplace defined contribution pension schemes which sought evidence from the pensions industry on areas of governance standards that can influence the size of a person’s final pension pot. On 30 October 2013, the Government then published Better workplace pensions: a consultation on charging (Cm 8737) which sought views on a range of measures to address pension charges in defined contribution workplace pension schemes.
16.On 27 March 2014, the Government published Better workplace pensions: further measures for savers (Cm 8840) which set out the Government’s response to both the call for evidence and the consultation and detailed a range of measures to tackle pension charges and improve governance standards in order to protect employees in workplace defined contribution pension schemes. The paper also set out areas for further consultation in relation to transparency and governance of trust-based schemes. There is provision relating to charges and requirements in pension schemes in Part 6 of the Act.