Joint Industry Code of Conduct

** Please note: The charges web tool is not yet available. A revised date for the launch will be announced shortly. **

The Pension Charges Made Clear Code of Conduct is now available. Developed by a working group of cross-sector organisations, the Charges Code of Conduct sets the standard for providing clear and accurate information to employers about costs, charges and associated services when they are selecting a Defined Contribution pension in which to enrol their workers under the new pension reforms.

The Code applies to all parties providing services to employers in setting up and administering pension schemes for the purposes of automatic enrolment, including:

• Insurance companies providing contract-based pensions and Master Trusts;
• Trust-based schemes including NEST and multi-employer schemes;
• Financial advisers;
• Employee benefit consultants; and
• Other professionals providing paid advice on setting up a pension, such as accountants.

The Code requires that providers and advisers dealing directly with the employer provide them with:

• A clear Summary of Charges document that states any charges that will be levied on members’ pension pots;
• Information about transaction costs on the underlying investments, in line with IMA guidance on enhanced disclosure of fund charges and transaction costs.
• Information about the services provided to the employer and to members and whether they are included in the stated charges.