Insurers sign up to ABI charges code

The code requires the disclosure to employees of total charges from the start, to a standard definition, across contract and trust-based workplace pension schemes including entry or exit charges. It also binds signatories to disclosing to employees the total charges taken from their pot in the previous year, preferably but not necessarily in pounds, as well as the disclosure of the previous year's investment transaction costs in accordance with Investment Management Association (IMA) guidelines. The code was created in conjunction with the Department for Work and Pensions and the Fina...