Govt to force full disclosure on pension charges

Pension fund managers will be forced to fully disclose details of hidden costs associated with their products under new government plans, according to reports.

Ministers are set to announce that fund managers of defined contribution workplace pension schemes will be made to disclose their full costs to the public, The Times reports. The move comes after the Office of Fair Trading investigated the market and concluded there was "insufficient visibility and comparability of charges" to ensure proper competition. A Department for Work and Pensions spokesman said: "We are taking action to ensure consumers have access to good quality pension schemes so they have the confidence to plan for their futures. "A lack of transparency around the true...