An open letter by the Transparency Task Force is calling on the Work and Pensions Committee to launch an inquiry into the impact of pension costs on savers.

The letter outlines that it is on behalf of a group of independent individuals and organisations who seek to “help protect the interests of the UK’s saving public, through better provision of transparent, consistent and straightforward disclosure of all the costs and charges they pay”.

The TTF has argued that to enable consumers to regain trust and confidence in market, opacity surrounding costs and charges must be simplified or removed.

TTF founding chair Andy Agathangelou said: “Many of us in the pensions and investment world have been impressed by the activities of the Work and Pensions Committee, particularly this year and particularly in relation to the BHS situation. They operate in a tenacious, non-partisan consumer-centric and forensic way; and that is exactly the kind of approach needed to look into the issue of costs and charges impacting savers, particularly pensions savers.”

The chair is now calling for all pro-consumer market organisations and individuals to participate as co-signatories to the letter to help encourage widespread support.

To grab the attention of the Committee, the letter includes a number of points including both social justice issues and market efficiency issues. It also picks up on the need for good governance, national reputation and to help protect the ongoing success of the government’s pensions policy.

“For me, the point it [the letter] makes about the need to improve consumer outcomes is key to the whole thing. People need to understand the corrosive impact of costs,” Agathangelou added.

“The Financial Conduct Authority, the Department for Work & Pensions and The Pensions Regulator are doing some great work on these issues and in our view the best body to openly and publicly support their efforts and ‘bring it all together’ is the Work & Pensions Committee.”

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