Obligation to disclose transaction costs and administration chargesġThe breakdown of identifiable transaction costs should include at least taxes, explicit fees and charges, 2costs in connection with securities lending and borrowing, and the benefit from anti-dilution mechanisms 2. (See regulation 25 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (SI 1996/1715) as amended by the Occupational Pension Schemes (Charges and Governance) Regulations 2015 (SI 2015/879)). The trustees or managers of an occupational pension scheme are obliged to calculate, insofar as they are able to do so, the transaction costs borne by scheme members, and to assess the extent to which those costs represent good value for members. The role of an IGC, under COBS 19.5.5R(2), must include the assessment of value for money delivered by relevant schemes through the assessment of transaction costs (among other things). If you do not allow these cookies, you will experience less targeted advertising.įind out more about or view our cookie policy.ġThe purpose of the rules in this section is to enable governance bodies of workplace pension schemes to meet their obligations as set out in (2) and (3) by obliging firms which hold the relevant information to calculate transaction costs to a common standard and provide that information, and information on administration charges, to governance bodies.Īn operator of a workplace personal pension scheme or stakeholder pension scheme is obliged under COBS 19.5.7R(2) to take reasonable steps to provide its IGC (or governance advisory arrangement) with all information reasonably requested by it for the purpose of carrying out its role. They do not store directly information which allows us to identify you personally but are based on uniquely identifying your browser and internet device. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. These cookies may be set through our site by our advertising partners. If you do not allow these cookies then some or all of these services may not function properly. They may be set by us or by third party providers whose services we have added to our pages. These cookies enable the website to provide enhanced functionality and personalisation. If you do not allow these cookies we will not know when you have visited our site and will not be able to monitor its performance. All information these cookies collect is aggregated and therefore anonymous. They help us to know which pages are the most and least popular and see how visitors move around the site. These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. These cookies do not store any information which allows us to identify you unless you are logged into your account. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. These cookies are necessary for the website to function and cannot be switched off in our systems. Check your settings below and select the cookies you’re happy with.
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