PensionsFeb 8 2017

DWP pulls in big names for AE review group

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
DWP pulls in big names for AE review group

Standard Life's head of pensions policy Jamie Jenkins has been named as one of the three chairs of an expert committee to oversee the government's auto-enrolment review, the Department for Work and Pensions has announced.

Mr Jenkins will be joined by Ruston Smith, trustee director at The Peoples’ Pension, and Pensions Policy Institute director Chris Curry.

The three chairs will lead a 10-person strong "external advisory group" in the DWP's review on the successes and shortcoming of the four-year-old auto-enrolment system.

The other seven members of the group included representatives from pension providers, think tanks and lobby groups.

Now: Pensions trustee director Jocelyn Blackwell and Nest's member panel chair Nigel Stanley will represent the master trust sector.

The Confederation of British Industry's Neil Carberry, and Age UK's Jane Vass are also on the advisory group.

The remaining three are Carl Emmerson, deputy director of the Institute of Fiscal Studies; Linda Ellett, tax and pensions practive partner at KPMG; and Judith Hogarth of the Education Endowment Foundation.

Richard Harrington, minister for pensions, said: "Automatic enrolment has been a huge success but there is still significantly more work to do if we are to set the next generation on a path to a financially secure retirement.

"This is why I am delighted to announce this expert advisory group who will work closely with government to look at what we can do to build on our success."

Mr Jenkins said it was "crucial" that employers played a "pivotal role" in the success of auto-enrolment, but added the review must also look at the savings needs of those individuals "currently not benefitting".

Mr Smith said "simple and compelling engagement" was critical to "helping people of all ages make the right choices for their future".

Mr Curry, meanwhile, said ensuring adequate contribution rates were among the "greatest challenges" to review would attempt to address.

DWP outlined three areas the advisory group would look at. 

The included: Strengthening the engagement of individuals with workplace pensions; the existing coverage of automatic enrolment; and "strengthening the evidence base" around appropriate contribution rates.

DWP said final report would be published later this year.

james.fernyhough@ft.com