MAS expresses support for a new standard on pension funds
Money Advice Scotland support the new standard for cost reporting set out today by the Financial Services Consumer Panel (FSCP) that would make pension cost funds and charges more transparent.
Research from the FSCP finds that whilst still regarded as having a sound overall pension regime, the UK is still ‘behind the curve’ in terms of pension fund cost transparency when compared to other countries including The Netherlands.
Commenting on the research, Yvonne MacDermid, Chief Executive, said:
“The findings from this research show more clearly than ever before that improved transparency is required on pension funds.
“Pension savers continue to lose out as a result of hidden costs and charges that time and again they are entirely unaware of.
“It is more surprising, however, and perhaps of more concern, that providers of pension funds themselves often have little idea of the costs.
“With this in mind, we support the call for collaboration between key pension funds, asset managers and other service providers to develop the new standard that will better serve savers in future.”
Wiseradviser training programme for April '19 to March '20 now available at www.wiseradviser.org