View more on these topics

MPs launch auto-enrolment probe

UK-London-Parliament-Big-Ben-700x450.jpg

Parliament’s public spending watchdog the Public Accounts Committee has launched an investigation into the impact of auto-enrolment.

The committee will investigate the risks to smaller employers of the further rollout of auto-enrolment, as well as questioning how the Department for Work and Pensions will ensure that auto-enrolment will lead to higher retirement incomes.

The full terms of reference for the Public Accounts Committee probe have yet to be published.

Announcing the inquity, the committee noted the Department for Work and Pensions, The Pensions Regulator and Nest have work so far worked together “successfully” on rolling out auto-enrolment for large and medium sized employers.

The investigation will be based on a recent report by the National Audit Office, which found that while auto-enrolment had so far delivered value for money, the inclusion of smaller employers is likely to increase challenges.

The NAO said: “In the longer term, the Department will need to ensure that more widespread enrolment translates into higher retirement incomes as it tackles remaining questions about the
design of auto-enrolment, wider reforms and market development.

The committee will hold an oral evidence session on 23 November.

It comes after the committee accused HM Revenue & Customs of failing taxpayers through poor customer service and inadequate action on tax evasion.

The new probe will follow a report from the Work and Pensions select committee, which called on the Government to publish more information on the performance of its services in the aftermath of the freedoms.

Recommended

2

HMRC still failing taxpayers, say MPs

HM Revenue & Customs is failing UK taxpayers through poor customer service and “inadequate” action on tax evasion, say MPs. In a damning report published today, the Public Accounts Committee describes HMRC’s customer service as “worse than abysmal” and a genuine threat to tax collection. In March 2013, the committee said HMRC had an “abysmal […]

9

MPs demand Govt expands Pension Wise

The Work and Pensions select committee has called for industry-funded guidance service Pension Wise to be expanded six months after the launch of the retirement freedoms. In its first report in this Parliament, the committee calls for radical improvements to the Pension Wise service. The service should consider savers’ property wealth, benefit entitlements tax implications, […]

MPs confirm plans for EU exit probe

Treasury select committee chairman Andrew Tyrie has confirmed plans to investigate the costs and benefits of the UK’s membership of the EU. Money Marketing first revealed the plans for an inquiry in September, when members of the committee were divided as to the terms of the probe. Tyrie says: “This inquiry will be wide-ranging, dealing […]

Chris-Hannant-Headshot-in-2013-700.jpg
3

MPs warned FSCS costs impeding advice investment

Advice firms are unable to invest in services to support customers in the wake of the introduction of pension freedoms because of the burden of FSCS levies, Apfa warns. In its submission to the Work and Pensions select committee’s enquiry into the availability and affordability of financial advice, the trade body warns of the impact […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Auto enrolment may have the desired effect of increasing savings, but Pensions Freedom may result in those savings being spent at the first opportunity, defeating the objective of raising retirement income levels.

    Listening to Steve Webb that is not a concern as the Flat Rate State Pension is supposed to be a solid income base, after that you can do what you want with your own money. This appears to be at odds with the DWP who think auto enrolment will lead to higher retirement incomes. We shall see.

  2. Ah yes, the good old ways of putting things in place first and then assessing the risks after the event. Good job advisers don’t work in this way.

Leave a comment