House of Commons - Automatic enrolment in workplace pensions and the National Employment Savings Trust

Work and Pensions Committee - Eighth Report
Automatic enrolment in workplace pensions and the National Employment Savings Trust

Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 7 March 2012.

Contents

Terms of Reference

Summary

1 Introduction

Background to automatic enrolment

The automatic enrolment model

Timescales

About this inquiry

Structure of this report

2 Increasing participation in pension saving

Addressing the decline in retirement saving

Estimated participation rates

Relationship between auto-enrolment and the State Pension

Minimum thresholds for employee eligibility

Impact on existing workplace pension schemes

Encouraging contributions above the minimum rate

3 Ensuring pension schemes offer value for money

Criteria for auto-enrolment providers

Transparency of pension scheme charges

Regulation of fees and charges

Annuities

Trust-based and contract-based schemes

4 Implications for employers

Financial and administrative impact on employers

Delays to the auto-enrolment timetable

Preparation of payroll providers

Ensuring employer compliance

5 Communications

Employer awareness of auto-enrolment

Availability of advice for employers

Communications with individuals

6 The operation of NEST

NEST's influence on the pensions market

Restrictions on NEST's operation

NEST's investment strategy

List of Recommendations

Formal Minutes

Witnesses

List of printed written evidence

List of additional written evidence

List of Reports from the Committee during the current Parliament

Oral and written evidence

Wednesday 12 October 2011: Baroness Drake CBE, former Pensions Commissioner, Paul Johnson, Director, Institute of Fiscal Studies, and David Pitt-Watson, Hermes Fund manager and the Royal Society of Arts.

Wednesday 2 November 2011: John Longworth, Director General, British Chambers of Commerce, Neil Carberry, Director of Employment Policy, Confederation of British Industry, Graeme Fisher, Head of Policy, Federation of Small Businesses, and Nigel Stanley, Head of Campaigns and Communication, Trades Union Congress.
Marta Philips OBE, Chief Executive, and Alison-Jane Bailey, Head of Policy and Technical Development, The Pensions Advisory Service, Niki Cleal, Director and Chris Curry, Research Director, Pensions Policy Institute.

Wednesday 30 November 2011: Otto Thoresen, Director General, Association of British Insurers, Jonathan Lipkin, Head of Research and Pensions, Investment Management Association, and Joanne Segars OBE, Chief Executive, National Association of Pensions Funds.
Martin Palmer, Head of Corporate Benefits Marketing, Friends Life, Adrian Boulding, Pensions Strategy Director, Legal & General, Morten Nilsson, Chief Executive and Nigel Waterson, Advisory Board Member, NOW: Pensions.

Wednesday 14 December 2011: Lawrence Churchill, Chair, Tim Jones, Chief Executive, and Mark Fawcett, Chief Investment Officer, NEST Corporation.

Wednesday 11 January 2012: Bill Galvin, Chief Executive, and Charles Counsell, Executive Director for Employer Compliance, The Pensions Regulator.

Wednesday 25 January 2012: Steve Webb MP, Minister for Pensions, and Jos Joures, Head of Workplace Pensions Reform, Department for Work and Pensions.

Written Evidence

Additional written evidence (unprinted)