disclosure agreement excludes non-occupational pensions?

SallyG

http://www.dailymail.co.uk/news/article-2261176/Pension-firms-lift-lid-charges-cost-company-workers-millions.html

This new disclosure agreement doesn't apply to personal pensions?

"The Association of British Insurers, which spearheaded the reform, said insurers would consider providing details on charges for savers in personal pensions once the changes have been implemented for work schemes."
Why wait?

dunstonh

This new disclosure agreement doesn't apply to personal pensions?

Doesnt need to. Disclosure on personal plans is to a higher standard already. There have been suggestions that insured contracts will be brought in line with the platform review (no hidden commissions) but the charges disclosures on modern contracts are very simple to understand and are published and available. Getting rid of hidden kickbacks from fund houses would be a good idea and shouldnt be just platforms. However, the rest of it seems fine.

Also, despite the headlines about occupational pensions, there is actually not a lot going on that isnt already available for those that ask. Most already comply with those arrangements anyway. Change the layout, call things by different names but the end result is the same. Those that wanted the info will have just as they always have been able to get it. Those that dont read it wont know if it is there or not as they never read it.

SallyG

I assumed it was the other way about after I saw my ex's annual statement for his GPP occupational DC pension with the Pru - for each month it gave a money in /charges out £p account that even I could understand.
I've still not been able to identify the charges taken from my income drawdown pension - I can find no reduction in the number of units except for the reduction fully accounted for by my drawing down income.
I'd welcome the simple "worse" account rendered by the Pru GPP ...........