Consultation outcome

Defined contribution pensions: investments and consolidation

This consultation has concluded

Detail of outcome

Original consultation


A consultation on proposals to encourage defined contribution pension schemes to consider a wider range of investments.

This consultation ran from

Consultation description

This consultation sets out proposals to encourage defined contribution pension schemes to consider investing more widely, in areas such as:

  • start-up companies
  • housing
  • green energy

The proposals include:

  • requiring large schemes to report their policy on these types of investment
  • requiring smaller schemes to assess, every 3 years, whether they should consolidate into a larger scheme
  • changing how schemes calculate charges


Investment innovation and future consolidation: a consultation on the consideration of illiquid assets and the development of scale in occupational defined contribution schemes

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email Please tell us what format you need. It will help us if you say what assistive technology you use.
Published 5 February 2019
Last updated 11 September 2020 + show all updates
  1. Added government response and follow up consultation.

  2. First published.