The Work and Pensions Committee is conducting an inquiry into automatic enrolment in workplace pensions and the National Employment Savings Trust.
Wednesday 30 November 2011, Committee Room 15, House of Commons
- Association of British Insurers: Otto Thoresen, Director General
- Investment Management Association: Jonathan Lipkin, Head of Research and Pensions
- National Association of Pension Funds: Joanne Segars OBE, Chief Executive
- Friends Life: Martin Palmer, Head of Corporate Benefits Marketing
- Legal & General: Adrian Boulding, Pensions Strategy Director
- NOW: Pensions: Morten Nilsson, Chief Executive, and Nigel Waterson, Advisory Board Member
The Pensions Act 2008 introduced reforms to workplace pensions. Beginning in October 2012, a staged process will be introduced which will require all employers to automatically enrol their workers into a qualifying pension scheme if they are not already enrolled in one (“auto-enrolment”). Employers will also be required to contribute towards workers’ pensions.
A new pension scheme called the National Employment Savings Trust (NEST) has been established by the Government to provide a simple, low-cost pension scheme. Employers may choose to enrol employees into a NEST scheme or another existing pension scheme.
This is the third oral evidence session for this inquiry. The 9.30am panel includes membership bodies representing the pensions and investment industry, and the 10.30am panel includes several pension scheme providers.
The panels will discuss the transparency of pension charges and the likely impact of the restrictions that the Government has placed on NEST. The witnesses will also explore how the Government and pension providers can support employers and encourage individuals to save towards an adequate retirement income.