Commons Select Committee inquiry into automatic enrolment pensionsSunday, July 17th, 2011
The Work and Pensions Committee has announced an inquiry into automatic enrolment in workplace pensions and NEST.
The role of Commons Select Committees is to consider government policy issues, scrutinise the work and expenditure of government, and examine proposals for primary and secondary legislation.
The Work and Pensions Committee has announced an investigation into the workplace pension reforms that are to be introduced in October 2012 and that will require all employers to enrol certain employees automatically into a qualifying pension scheme.
Short submissions, of not more than 3,000 words, are invited from interested organisations and individuals on the following matters. The deadline for written evidence is 26 August 2011.
- DWP’s communication strategy for introducing auto-enrolment and provision of advice and support to employers and employees
- Arrangements for phasing and staging the introduction of auto-enrolment
- Likely impact of auto-enrolment on business, especially small and micro-businesses
- Role of The Pensions Regulator, including in certification of schemes
- Estimated opt-out rates, including the possible impact on NEST if the numbers auto-enrolled are significantly lower than predicted
- NEST’s potential market share and the possible effects on other providers
- Whether auto-enrolment is likely to attract new providers and encourage new models of provision
- Likely impact of the limitations placed on NEST, including the contributions cap and the ban on transfers
- NEST’s investment strategy
- Possible measures to reduce the proliferation of small pension pots
- How self-employed people, and part-time, temporary, casual and agency staff, will be treated under auto-enrolment; and the equality implications
- The extent to which auto-enrolment is likely to achieve the desired behavioural change in terms of encouraging people to make provision for retirement.