The Government has published guidance compelling occupational defined contribution pension schemes to publish information about the fees they charge more than 10 million savers across Britain.
The DWP says the plans, initially announced in the autumn last year, are to ensure savers receive good value for money, and that their pension meets their needs for retirement.
Starting from April 2018, savers within these occupational schemes will be able to access online information on their scheme charges and investment costs.
By the end of 2019, every occupational defined contribution pension scheme member can expect to receive an annual benefit statement from their provider.
This will come with a link to showing where they can obtain these details, and an illustration of the compounding effect of costs and charges and how their schemes assess the value for money of their pension funds.
The measures will also require schemes to give members information about where their contributions are invested, on request.
Failure to provide this information could cost occupational workplace pension scheme trustees up to £50,000.
Pensions minister Guy Opperman says: “Today is the final step on an important journey to building an open and transparent costs and charges system which supports consumers to make well informed decisions.
“Membership of workplace pension schemes is at an all-time high and it is right that people are able to access all of the information that they need about their scheme in a meaningful way.
He adds: “My priority as minister for pensions and financial inclusion is to ensure that all the new savers we are bringing in through automatic enrolment are able to engage with their options and understand the true value of their funds.
“These changes combined with future developments such as the pensions dashboard and formation of the single financial guidance body will do just that.”