PSEC 2012 Pension Providers Need to Be More Transparent on All Components of Charges
01 November 2012 (PLANSPONSOREurope.com) – Pension providers need to be clear about all components of charges, according to Shola Salako, pension fund manager De Beers UK.
Speaking on the second day of PLANSPONSOR Europe’s European conference in Barcelona, Salako told delegates the trust based fund, in place since 2002, would be taking a more lifestyle approach to default funds and also raised concerns about advisers not being more transparent on charges.
“I think charges are really important because even in our case where contributions are 11% employer, 4% employee, it’s fairly reasonable.
“Our annual management charge is only a portion of the charges and one of our providers to get them us to give a total expense ratio was a production and I think that just needs to be something that needs to be provided,” she added.