Government's reponse to Select Committee report on pension auto-enrolment - NAPF comment

The National Association of Pension Funds (NAPF) commented on the response published by the Government today to the Work and Pensions Select Committee’s report on auto-enrolment and NEST.

Commenting on the Government’s support for an industry wide code of practice on costs and charges, Darren Philp, NAPF Policy Director, said:

“We are pleased that the Government supports our work to develop an industry-wide Code of Conduct on charges. Transparency in fees is crucial if the auto-enrolment reforms are to work.”

Commenting on the Government’s decision not to remove the restrictions on NEST, Darren Philp continued:

“The Government notes that the evidence for removing the NEST restrictions was not clear cut. It now needs to carefully monitor how NEST performs once the new rules come into effect, and must take appropriate action if necessary.

“Auto-enrolment is a once in a generation opportunity to tackle the UK’s pensions saving crisis, and NEST will play a key role in helping to achieve this. We must ensure that it is given every opportunity to fulfil its role.”

 

Notes to editors:

1.The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.

Contacts:

Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]

Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]