Pensions - Articles - Aegon response to ABI announcement on pension charges

 Steven Cameron, Head of Regulatory Strategy at Aegon, said:

 "Aegon supports this industry-led initiative to further improve the clarity and transparency of charges and investment costs across all workplace pensions. The first priority must be to focus on new schemes being used for auto-enrolment - this is where enhancements will deliver greatest short-term benefit.

 "In the contract-based world, regulations already make sure there is extensive disclosure. This initiative builds on this, with the additional disclosure of investment transaction costs in line with the IMA code. There is also further work underway to come up with common definitions which will aid comparability and consistency.

 "The initiative also aims to deliver consistent disclosure standards between contract and trust-based schemes. Members of trust-based schemes not run by FSA regulated insurers don't always receive information on charges at outset. We hope those offering trust-based schemes sign up as this could deliver real benefits to their members."