“The recent Law Commission review of UK fiduciary duty stated that managing the costs of a pension scheme was an essential requirement for trustees, particularly to help ensure that sponsors would remain committed. Yet few trustees even consider the costs incurred in the investment chain. … Are trustees asking, ‘How much does it cost?’ No one would dream of buying a new car or a fridge without knowing the costs and performances of particular models but, unfortunately, the same can’t be said about the decision-making at pension schemes.”

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