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Fee Disclosure Requirement Coming for British Employers
Reuters Jan. 11, 2013 "Private pension companies will be forced to reveal fees and charges taken from employees' retirement savings under an agreement drawn up by the Association of British Insurers (ABI), [whose] members include pension and insurance organisations running some of the UK's biggest pension schemes.... Private pension firms have been accused of failing to disclose some of the costs they levy on customers' investment funds, leaving people unaware that their pension savings were being eroded by the fees. The average annual management charge on a workplace pension scheme is 0.77 percent, according to the ABI." |
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