GLOBAL - A standardised international policy of fee disclosure has been mooted to help pension plan participants become better informed about defined contribution (DC) plan investment and administrative services.
The model showed Sweden and Australia received the top two rankings for disclosure effectiveness.
The reports authors, John Turner and Hazel Witte, said: "Many people do not understand how large an effect an apparently small difference in fees can make on account balances at retirement.
"Greater fee disclosure should be accompanied by great information on how to interpret the importance of fees."
They said, while the cost of greater disclosure had been raised as an issue, the cost borne by pension contributors would be at most small, and there could be a reduction in costs paid due to contributors switching to lower cost funds.
The Rotman International Centre for Pension Management (ICPM), based in Canada, sponsors research and fosters dialogue focused on building better pension 'deals', pension fund organisations, and pension legislation and regulation.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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