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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Correspondence
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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Correspondence
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

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3 April 2019
Inquiry Pension costs and transparency inquiry
Witnesses Guy Opperman MP, Parliamentary Under Secretary of State, Charlotte Clark, Strategy Director for Private Pensions, Department for Work and Pensions, and John Glen MP, Economic Secretary, HM Treasury.
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Oral Evidence
6 February 2019
Inquiry Pension costs and transparency inquiry
Witnesses Andrew Bailey, Chief Executive, Financial Conduct Authority, Christopher Woolard, Executive Director of Strategy and Competition, Financial Conduct Authority, Deborah Jones, Director of Life Insurance and Financial Advice, Financial Conduct Authority, Pritheeva Rasaratnam, Head of Pensions and Funds Policy, Financial Conduct Authority
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Oral Evidence
5 December 2018
Inquiry Pension costs and transparency inquiry
Witnesses Colin Meech, National Officer, UNISON, Jonathan Lipkin, Director of Policy, Strategy & Research, Investment AssociationDr Yvonne Braun, Director of Policy, Long-Term Savings and Protection, Association of British Insurers, Nigel Peaple, Director of Policy, Pensions and Lifetime Savings Association
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Oral Evidence

Written evidence

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Just Group (PCT0056)
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Andrew Bond (PCT0015)
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Smart Pension (PCT0031)
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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