House of Commons - Progress with automatic enrolment and pension reforms

Work and Pensions - Fourth Report
Progress with automatic enrolment and pension reforms

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 4 March 2015.

Contents

Terms of Reference

Summary

1 Introduction

Key elements of automatic enrolment

About this inquiry

2 Reviewing auto-enrolment and advising on future pension policy

Case for a new independent pension commission

Reviewing auto-enrolment

3 Future challenges for auto-enrolment

Measuring effectiveness

Minimum contributions

Eligibility and exclusions

Low-paid workers

Self-employed people

Extension to smaller employers

Communications

Selecting a pension scheme

Compliance

Automatic transfers

4 Scheme governance and charges

Governance

Costs and charges

Transaction charges

Charges in legacy schemes

Transparency of pension charges

5 New pension flexibilities

Budget 2014 changes: Freedom and choice in pensions

Response of providers to new flexibilities

" Cashpoint drawdown"

Annuities

6 Protecting savers

Potential for mis-selling and scams

Past record of pension providers in selling annuities

Pension Wise — the guidance service

Limitations of the guidance service and the " second line of defence"

Default options on decumulation

Default funds and investment strategies

Improving pension information for savers

Pension statements

The "pensions dashboard"

Increasing understanding of pensions

Age at which pension savings can be accessed

7 Shared risk and collective schemes

8 Regulatory framework

The case for a revised regulatory approach

Conclusions and recommendations

Formal Minutes

Witnesses

Published written evidence

List of Reports from the Committee during the current Parliament