Consultation outcome

Improving outcomes for members of defined contribution pension schemes

From:: Department for Work and Pensions and Guy Opperman MP
Published: 11 September 2020
Last updated: 21 June 2021 — See all updates

Detail of outcome

The government’s consultation response has now been published.

The response is to 2 important consultations on occupational Defined Contribution (DC) pension schemes’ investments and overall governance:

this consultation – September 2020 consultation on draft regulations and statutory guidance to deliver better value for money for members of DC schemes
March 2021 consultation ‘Incorporating performance fees within the charge cap’ on draft regulations on performance fee smoothing and a call for evidence on the issue of look-through

Over the past 12 months, the government has set out a series of measures to prepare the DC occupational pensions market for the challenges and opportunities ahead – this response finalises important next steps.

Original consultation

Consultation description

This government response to the February 2019 consultation ‘Investment Innovation and Future Consolidation,’ also includes further consultation on proposed measures to improve outcomes for Defined Contribution scheme members.

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.

Documents

Introduction

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How we consult

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Ministerial foreword

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Chapter 1: Summary

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Chapter 2: Encouraging consolidation

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Chapter 3: Diversification, performance fees and the default fund charge cap

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Chapter 4: Using transparency as a prompt

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Chapter 5: Updates to Statutory Guidance: Reporting costs, charges and other information

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Chapter 6: Other changes to legislation

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Annex A: List of respondents

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Annex B: List of consultation questions

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Annex C: Draft regulations

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Annex D: Keeling schedules

ODT, 24.2 KB

This file is in an OpenDocument format

Annex E: Statutory Guidance: Value for money and consolidation

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Annex F: Non-exhaustive list of costs and charges

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Annex G: Cost and charges statutory guidance

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Impact assessment: Improving outcomes for members of Defined Contribution pension schemes

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Impact assessment: Default SIP for schemes with a default fund that is “with profits”

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