Pension Funds: Trade Unions

Department for Work and Pensions written question – answered on 25th February 2016.

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Photo of Angela Rayner Angela Rayner Shadow Minister (Work and Pensions)

To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 11 February 2016 to Question 26069, whether trades unions which are not formally recognised by an employer will be entitled to request and receive the Chair's Statement.

Photo of Angela Rayner Angela Rayner Shadow Minister (Work and Pensions)

To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 11 February 2016 to Question 26069, when the Government and the Financial Conduct Authority plan to publish the evidence received on transaction costs for pension trusts; and what the timetable is for determining the next steps referred to.

Photo of Angela Rayner Angela Rayner Shadow Minister (Work and Pensions)

To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 11 February 2016 to Question 26069, for what reason the Chair's Statement must be requested by beneficiaries rather than provided automatically.

Photo of Justin Tomlinson Justin Tomlinson Parliamentary Under-Secretary of State (Department for Work and Pensions) (Disabled People)

The Government remains committed to ensuring that members of pension schemes are able to obtain information about the costs and charges which they bear. Although it is not a legal requirement, the Government expects that many schemes will choose to publish their annual Chair’s Statement. In due course, the Government intends to make regulations requiring information about scheme costs and charges to be published.

Trade unions that are recognised to any extent for the purposes of collective bargaining in relation to members of the scheme are entitled to receive a copy of the Chair’s Statement. Trade unions which do not meet these criteria are not entitled to receive a copy of the Chair’s Statement. However, beneficiaries of pension schemes who are members of trade unions which are not recognised for collective bargaining purposes may still request the information and pass it on to their union or any other person.

We intend to publish a summary of the evidence received on transaction costs in pension schemes when we announce our next steps, which will follow in due course.

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