Consultation on Improving outcomes for members of defined contribution pension schemes

Consultation opened on 11 September 2020. Closing date 30 October 2020 at 17:00.

Summary

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

Consultation description

The author for this consultation is the Department for Work and Pensions. As such, all consultation information and related documents can be found on the GOV.uk website. An accompanying online survey can be found on the DWP website.

The Department for Work and Pensions has published the consultation paper Improving outcomes for members of defined contribution pension schemes. The paper combines a response to the earlier consultation Investment Innovation and Future Consolidation and seeks further views on proposed changes to regulations and statutory guidance designed to improve defined contribution pension scheme governance, promote the diversification of investment portfolios and signal the commitment to transparent disclosure to scheme members.

The 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
  • any other interested parties

In general, Northern Ireland’s pensions policy and legislation operate in line with Britain and there is, in effect, a single pensions system. It is anticipated therefore that any changes will be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.

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