The UK's private pension providers' duties should be enshrined into law to ensure accountability and transparency, campaign group ShareAction has said.

The group, which launched its Manifesto for Responsible Investment in Parliament, said that savers have the right to know where their money is invested and how ownership rights are being exercised on their behalf.

ShareAction also proposed that savers should have the right to know their pension provider's investment policy, including any policies on stewardship on ethical investment; how their provider's policies are being implemented; and how their provider sees and manages long-term risks to their money.

Furthermore, the non-governmental organisation (NGO) called for all pension providers to owe a legal duty to scheme members to act in their best interests.

This sentiment echoed a recommendation of the Law Commission's recent report on fiduciary duties, which called for measures to address the governance gap between trust-based and contract-based pension provision.

Shadow pensions minister Gregg McClymont said: "With the current cost of living crisis, working people who struggle to put money aside for a pension need to know they are protected from rip-offs and that their savings will be managed responsibly.

"The Financial Conduct Authority (FCA) is about to consult on governance in contract-based workplace pension schemes. There is no justification for the governance requirements to be watered down in comparison with what is required for trust-based schemes. ShareAction is right to say that all workplace pension providers should have a fiduciary duty to scheme members."

ShareAction also said that pension providers should have the same obligation as companies to hold annual meetings, providing members with the opportunity to meet and question the people looking after their money.

Catherine Howarth, ShareAction CEO, said: "With up to ten million people in the UK becoming pension savers for the first time, it's critical we have a pension system that people can trust and that answers to them.

"For too long, the pension and investment industry's interests have come ahead of those of savers. Our manifesto puts the interests of the saver right at the heart of our pensions system."

First published 17.07.2014

monique_simpson@wilmington.co.uk