The Association of British Insurers (ABI) has sent a letter to regulators in which it sets out its plan to make pension charges and costs clearer.
The measures are intended to enhance pensions transparency and boost confidence amongst the public prior to the introduction of auto-enrolment in the autumn.
The letter to the Pensions Regulator and the Financial Conduct Unit of the FSA seeks to ensure that an appropriate industry protocol is developed by the end of the year.
This would include a consistent and simple disclosure of charges, clarity regarding transaction costs and regular, clear and meaningful information on charges and transaction costs.
ABI Director General Otto Thoresen called for information regarding charges and costs relating to pensions to be available, clear and meaningful, ensuring that employees can make the right choices about their pensions.