From:                              opa-members@googlegroups.com on behalf of gordon@opalliance.org.uk

Sent:                               27 February 2012 14:05

To:                                   OPA-Members@googlegroups.com

Subject:                          FW: Work and Pensions Committee: Committee launches inquiry into governance and best practice in workplace pension provision

 

From: Work&Pensions Committee <WORKPENCOM@parliament.uk>

Date: Mon, 27 Feb 2012 11:13:44 +0000

Subject: Work and Pensions Committee: Committee launches inquiry into governance and best practice in workplace pension provision

 

Work and Pensions Committee

Select Committee Press Notice

AN66 2010–12
27 February 2012

For immediate release:

 

NEW INQUIRY

 

Committee launches inquiry into governance and best practice in workplace pension provision

 

It is widely acknowledged that people in the UK are not saving enough for their retirement. It is also clear that confidence in pension saving is at a low level.

Measures are needed to build confidence in pension investment, to make retirement saving easier and to bring about the behavioural change which will be required if retirement income is to increase.

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 Work and Pensions Committee will shortly be publishing its report on automatic enrolment in workplace pensions.

The Committee now plans to launch an inquiry into governance and best practice in workplace pensions which will explore some of the wider issues raised in the auto-enrolment inquiry. It will also consider other issues affecting workplace pensions which were beyond the scope of the auto-enrolment inquiry.

Submissions of no more than 3,000 words are invited from interested organisations and individuals, addressing the following issues:

 

§  How to ensure Defined Contribution (DC) schemes deliver good outcomes for their members  including:

 

o   Transparency of charges and costs

 

o   Clarity of communication to pension scheme members

 

o   The Government’s proposals for managing small pension pots (and the related issue of short-service refunds)

 

o   How DC scheme members can be supported to make investment decisions and assess risks, including when converting to annuities

o   Managing investment risk and security of returns

 

o   Whether greater economies of scale within the sector could produce better value for money for members and if so, how this can be achieved

 

o   How to strike an appropriate balance between regulation, self-regulation and good governance which restores confidence and raises standards.

 

§  The implications of the changing balance between Defined Benefit (DB) and DC schemes including:

 

o   The scope for collective DC schemes and other risk-sharing schemes

 

o   The outlook for remaining DB schemes; whether “red tape” for these schemes could be reduced; and whether measures should be considered to tackle their decline.

 

The deadline for written evidence is Friday 13 April 2012.

 

 

How to submit your evidence

 

·        Contributors should feel no obligation to comment on all the issues raised above, but should focus on those areas in which they have particular expertise or interest.

 

·        Submissions should be in Word or rich text format, not PDF format, and sent by email to workpencom@parliament.uk  The body of the email must include a contact name, telephone number and postal address. The email should also make clear who the submission is from. Hard copy submissions should be sent to: The Work and Pensions Committee, House of Commons, 7 Millbank, London SW1P 3JA.

 

·        Submissions should be in the format of a self-contained piece of written evidence. Paragraphs should be numbered for ease of reference, and the document must include a summary. For further guidance on the submission of evidence see

http://www.parliament.uk/documents/commons-committees/witnessguide.pdf

 

·        Submissions should be original work, not previously published or circulated elsewhere. Material already published elsewhere may be referred to within a proposed piece of written evidence, in which case a hard copy of the published work should be included.

 

·        Once submitted, your submission becomes the property of the Committee and no public use should be made of it unless you have first obtained permission from the Clerk of the Committee. It is the Committee’s decision whether or not to accept a submission as formal written evidence.

 

·        Please bear in mind that the Committee cannot investigate individual cases.

 

·        The Committee normally, though not always, chooses to publish the written evidence it receives, either by printing the evidence, publishing it on the internet (where it will be accessible by search engines) or by making it publicly available through the Parliamentary Archives. If there is any information you believe to be sensitive you should highlight it and explain what harm you believe would result from its disclosure. The Committee will take this into account in deciding whether to publish or further disclose the evidence.

 

·        For data protection purposes, it would be helpful if individuals wishing to submit written evidence send their contact details in a covering letter. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000.

 

 

 

--ENDS--

 

Further information

 

Committee membership: 

Dame Anne Begg MP (Chair) (Lab, Aberdeen South), Mrs Debbie Abrahams MP (Oldham East and Saddleworth), Harriett Baldwin MP (Con, West Worcestershire), Andrew Bingham MP (Con, High Peak), Karen Bradley MP (Con, Staffordshire Moorlands), Sheila Gilmore (Lab, Edinburgh East),  Mr Oliver Heald MP (Con, North East Hertfordshire), Glenda Jackson MP (Lab, Hampstead and Highgate), Brandon Lewis MP, (Con, Great Yarmouth), Stephen Lloyd MP (Lib Dem, Eastbourne), Teresa Pearce MP (Lab, Erith and Thamesmead)

 

Specific Committee Informationworkpencom@parliament.uk 020 7219 2839

Media Information: abbottj@parliament.uk 020 7219 2003

Committee Website: www.parliament.uk/workpencom


Watch committees and parliamentary debates online
: www.parliamentlive.tv 

 

Publications/Reports/Reference Material:

Copies of all select committee reports are available from the Parliamentary Bookshop (12 Bridge St, Westminster, 020 7219 3890) or the Stationery Office (0845 7023474).  Committee reports, press releases, evidence transcripts, Bills; research papers, a directory of MPs, plus Hansard (from 8am daily) and much more, can be found on www.parliament.uk

 

 

 



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