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MPs reopen inquiry into workplace pensions

London UK Thames Parliament 480

The work and pensions select committee has reopened its inquiry into governance and best practice in workplace pensions after initially closing it in March.

MPs will primarily focus on defined contribution schemes but will also look at how best to treat the declining number of defined benefit schemes available.

The committee says the purpose of the inquiry is to explore other issues affecting workplace pensions which were beyond the scope of its earlier inquiry which focused on auto-enrolment.

For DC schemes the committee will take evidence on the transparency of charges, clarity of communications to members, small pots management and economies of scale.

It will also consider the management of risk, the right balance between regulation and self-regulation and annuity purchase.

There will also be consideration on how to cut red tape on DB schemes and whether there is scope for collective, risk-sharing schemes. 

Hargreaves Lansdown head of pensions research Tom McPhail says auto-enrolment could end in failure unless issues are addressed now.

He says: “The Government has unfinished business in making sure that employees enjoy good retirement incomes as a result of auto-enrolment.

“This next round of inquiry from the DWP select committee is a welcome opportunity to resolve these outstanding issues.”

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