Pension Schemes (Default Investment Options)

Steve Webb Excerpts

Monday 13th December 2010 Written Statements

[The Minister of State, Department for Work and Pensions (Steve Webb)]

Today we will publish a consultation on default investment options for those people who are automatically enrolled into defined contribution pension schemes.

Automatic enrolment into workplace pensions will see millions of individuals newly saving for their retirements. Many of these people will not choose to make an active investment choice and it is therefore important that suitable default options are available to them.

To this end the Government have developed guidance on the design, governance, communication and review of default options.

This consultation provides the opportunity for the Government to work with interested and knowledgeable parties to ensure that this guidance is balanced and appropriate and that members’ interests are protected.

The guidance will be published in spring 2011.

The consultation document is available on the Department’s website at: www.dwp.gov.uk/consultations.