David Geale: We are doing quite a lot of work at the moment looking at transaction costs, both in terms of what they are and what should fall within the definition of transaction costs. We are also looking at what and when should be disclosed and how. The two key deadlines are: April 2015, when the independent governance committees will need to be able to make an assessment of value for money and will need information on transaction costs, in order to be able to do that, and April 2016, by which point the intention is to have a standardised disclosure of those transaction costs.
We have done a lot of work with the DWP, the Pensions Regulator, and representatives of industry and consumer groups looking at what should fall into the category of transaction costs. Our intention is to publish a document in the first quarter of next year looking at what should be in that category for standardised disclosure. There will be a requirement for firms within the chain to report to IGCs in terms of what those costs are from April 2015, which is when they will be in a standardised format.