Millions of UK workers could soon find out whether their workplace pension is underperforming under government plans to introduce public league tables ranking retirement schemes by investment performance, costs and charges, and customer service.
Ministers say the reforms, described as the biggest overhaul of workplace pensions in a generation, are designed to tackle a performance gap that can leave savers around £5,000 worse off over five years. Poor-performing pension schemes will be expected to improve or leave the market, giving workers greater confidence that their retirement savings are working as hard as they are.
