PPI response to DWP's consultation: Bulk transfers of defined contribution pensions without member consent
PPI submitted a response to DWP's consultation in November 2017.
It explains that:
- The Defined Contribution (DC) landscape in the UK is somewhat fragmented, with a large number of schemes and variation in quality across the market.
- Further consolidation has the potential to positively impact member outcomes in retirement.
- Although some of the evidence from overseas is conflicting, if all the potential benefits of DC pooling could be realised in the UK, this could lead to better member outcomes through increased pot sizes and as a result a better standard of living in retirement.
- Current regulatory requirements may act as a barrier to further consolidation.
To download the response, please click here.
Keywords: consultation, response, dwp, bulk transfers, transfers