Introduction
Updated 21 June 2021
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This publication is available at https://www.gov.uk/government/consultations/improving-outcomes-for-members-of-defined-contribution-pension-schemes/introduction
This document contains the government’s response to the February 2019 consultation – Investment Innovation and Future Consolidation.
It also consults on further proposed measures aimed at improving outcomes for members of Defined Contribution (DC) pension schemes.
About the government response to the ‘Investment Innovation and Future Consolidation’ consultation
We received around sixty detailed responses from a wide range of stakeholders. The views shared with us are outlined in the appropriate chapters of this document. We have continued to hold in depth and frank discussions on the broader issues and these together have resulted in the proposals set out in this document.
Our proposals include draft regulations and statutory guidance which seek to address key issues raised in the February 2019 consultation. This document therefore also serves as a consultation on those draft regulations and statutory guidance.
About this consultation on regulations and statutory guidance
Who this consultation is aimed at
- pension scheme trustees and managers;
- pension scheme members and beneficiaries;
- pension scheme service providers, other industry bodies and professionals;
- civil society organisations; and
- any other interested stakeholders
Purpose of the consultation
This consultation seeks views on proposed regulatory amendments and the extent to which these achieve their stated policy intent. It also seeks views on new statutory guidance on how to assess value for members and updates to existing statutory guidance on presenting cost and charges information and ways in which they could potentially be improved further.
This consultation also seeks views on the development of an optional further easement to facilitate investment by DC schemes in illiquid assets such as venture capital.
Scope of consultation
This consultation applies to England, Wales and Scotland It is envisaged that Northern Ireland will make corresponding regulations.
Duration of the consultation
The consultation period begins on 11 September 2020 and runs until 30 October 2020.
How to respond to this consultation
Please complete the online questionnaire which accompanies this consultation.
Alternatively, if you wish to submit information which cannot be provided via a web form, please send your consultation responses to:
Email: pensions.investment@dwp.gov.uk
Electronic responses are preferred unless there is a clear reason not to do so. In that instance please send your responses to:
David Eaton
Department for Work and Pensions
DC Policy Team, Policy Group
Private Pensions and Arms Lengths Bodies Directorate
Zone A, 3rd Floor South
Quarry House
Quarry Hill
Leeds
LS2 7UA
Note: When responding please indicate whether you are responding as an individual or representing the views of an organisation.
Government response
We will aim to publish the government response to the consultation on the GOV.UK website. Where a consultation is linked to a Statutory Instrument, responses should be published before or at the same time as the Instrument is laid.
The report will summarise the responses.