MPs have launched an inquiry into the governance and best practice of workplace pension schemes.
The inquiry by the work and pensions select committee will add to the committee’s inquiry into auto-enrolment, the results of which are due to be published in the next few weeks.
In a statement the committee says: “The Government’s proposed reform of state pensions and the introduction of automatic enrolment in workplace pensions are significant steps in addressing inadequate retirement income levels. But it is clear that further steps are needed to encourage people to increase their retirement saving and to ensure the quality of pension provision.”
The committee wants written evidence to consider the shift away for defined benefit schemes to defined contribution schemes. It also wants to hear how to ensure defined contribution schemes deliver good outcomes to their members including:
- transparency of charges and costs,
- the clarity of information sent to scheme members,
- Government plans for managing small pots and short-service refunds,
- how DC scheme members can be supported in assessing risks and making investments decisions and,
- whether economies of scale could produce value for money.
The deadline for submissions is April 13.