CIPD consultation response: Pensions Investment Review: Unlocking the UK pensions market for growth
Submission to the UK Department for Work and Pensions and HM Treasury
Submission to the UK Department for Work and Pensions and HM Treasury
The Governmental consultation sought feedback on two key measures designed to accelerate and help enable scale and consolidation in the Defined Contribution (DC) market. Namely, achieving scale in workplace DC schemes, and overriding individual contracts to allow the bulk transfer of assets for contract-based schemes without individual savers’ consent. Furthermore, the consultation explores what could be the ongoing roles of employers and those who advise them, in the DC market.
We explore two specific questions in this consultation.
Whether there should be a named executive with responsibility for the retirement outcomes of staff and whether this measure would shift the focus from costs to more about the best outcome for pension schemes.
Alternatively, whether a duty should be placed on all, or just large, workplaces to assess if their DC workplace pensions are giving members value for money.
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