Future of the defined contribution pension market: the case for greater consolidation
A call for evidence on barriers to greater scheme consolidation in the UK defined contribution pension market.
In September 2020, in the consultation Improving outcomes for members of defined contribution schemes, the government set out that while consolidation is, to some degree, already happening, the rate at which this is occurring is slower than is needed. This consultation has been launched to understand the barriers to further consolidation of the occupational trust-based Defined Contribution market in the UK.
The purpose of this document is therefore to set out the background to the current situation, to offer some initial analysis and to pose questions as to the best way forward in the interests of pension savers.
This consultation is aimed at:
- pension scheme service providers, other industry bodies and professionals
- pension scheme trustees
- civil society organisations
- pension scheme members and beneficiaries
- pension academics
- any other interested stakeholders
Pensions policy is a reserved matter in Scotland and Wales, this call for evidence therefore applies to England, Wales and Scotland.