Eight recommendations from Jonathan Mort to tighten up oversight

● Funds pay for each service, including that of the adviser, and not the administrator. ● Fees are independently benchmarked periodically, for example, every three or four years, and justified. ● The costs involved are itemised and disclosed to the members and the employers on an annual basis, as part of the member benefit statement. ● If possible, there should be an analysis of the extent of cross-subsidisation among the employers. ● The Registrar of Pension Funds should guide employers on appropriate due diligence and the role of the adviser in that exercise. ● There should be strict rules around the treatment of administration errors and their disclosure. ● Funds should not be locked in to arrangements to utilise the services or products of the sponsor. ● Boards of the funds should comprise a majority of independent trustees.