On the go: The pensions and financial inclusion minister Guy Opperman, and John Glen, the economic secretary to HM Treasury, were grilled by the Work and Pensions Committee investigating pension costs and transparency on Wednesday.
The committee said the industry should receive a low five when it came to marks out of 10 for transparency, although Mr Opperman rated the industry more highly at eight out of 10, before admitting there was more to be done.
Charlotte Clark, the Department for Work and Pensions strategy director for private pensions, responding to a question on whether trustees have the right information to make a decision about costs and charges, said 95 per cent of trustees say they do, but that it is difficult to compare the information.
Commenting on the committee’spension charge enquiry Hugh Nolan, senior trustee representative at Dalriada Trustees, agreed with Ms Clark: “The Work and Pensions Committee focus on investment charges in pensions is very welcome, however, the view that the industry only deserves a low score on charge transparency is unfair. The vast majority of trustees have the right information to make decisions for the best outcomes for members.
“Selecting the right investment for a pension scheme involves weighing up many different factors and charges are one important part of this. Our mission as trustees is to get the best results for members overall.”
Questioned on the timing of the upcoming Pensions Bill, Mr Opperman said: “We are waiting for a new Queen’s Speech”. He said he hoped to see the pensions dashboard, the defined benefit white paper and collective defined contribution legislation in the bill.
