The review will consider the success of automatic enrolment to date, and explore ways that the ground-breaking policy can be further developed. Three themes will be considered as part of this:
- coverage
- engagement
- contribution levels
The 3 chairs will be:
- Ruston Smith, Trustee Director at Peoples’ Pension
- Jamie Jenkins, Head of Pensions Strategy at Standard Life
- Chris Curry, Director of the Pensions Policy Institute
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.
Ruston Smith, Trustee Director at Peoples’ Pension leading on providing advice on the theme of engagement, said:
Auto enrolment has been a game changer – over 7.1 million people have been automatically enrolled into a workplace pension so that they have the opportunity to save.
I’m delighted to join the advisory group that will be providing advice, insight and challenge to DWP on the review of automatic enrolment, and to lead the group’s work in how best to engage with current and future savers.
Simple and compelling engagement will be critical in helping people of all ages make the right choices for their future.
Jamie Jenkins, Head of Pensions Strategy at Standard Life, leading on providing advice on the theme of coverage, said:
Auto enrolment has enjoyed unparalleled success so far in helping millions more people start saving for their retirement. The behavioural nudge works.
As it approaches its fifth anniversary, it is a great time to review the coverage it provides. It is crucial that employers continue to play a pivotal role in its success, but that the review also looks at the savings needs of those individuals currently not benefitting.
It is a great privilege to take a leading role in this next stage of auto enrolment, and I look forward to working with the Department for Work and Pensions and the many stakeholders to explore the policy options available.
Chris Curry, Director at Pensions Policy Institute leading on providing advice on the theme of Contributions, said:
I am delighted to be asked to contribute to the review, and I am very much looking forward to helping the Department for Work and Pensions build on the successful introduction of automatic enrolment.
One of the greatest challenges that we face is in ensuring that individuals save enough to be able to enjoy their retirement, and it is very important that we collect strong and robust evidence on which to base any decisions concerning the appropriate long term contribution levels to workplace pensions.
The review will look to ensure that workplace pensions continue to meet the needs of individual savers, and employer, while remaining fair, affordable and sustainable for future generations. The department will publish a final report later this year.
Terms of reference for the 2017 automatic enrolment review advisory group (PDF, 85.5KB, 2 pages)
How to respond to the review
Please send your views about the review by 22 March 2017 to:
2017automatic.enrolmentreview@dwp.gsi.gov.uk
or
AE 2017 Review Team
Private Pensions Directorate
Department for Work and Pensions
First floor, Caxton House
Tothill Street
London
SW1H 9NA
More about the membership
Ruston Smith
Ruston Smith has been Group Pensions Director at Tesco and CEO of Tesco Pension Investment. His other roles include Chair of the PLSA, Trustee Directorships at People’s Pension and Standard Life and he is a Governor of the Pensions Policy Institute.
Jamie Jenkins
Jamie Jenkins is Head of Pensions Strategy at Standard Life. He was heavily involved in the work on the Retail Distribution Review and the resultant changes in sales practices across the industry. He previously led the Corporate Pensions Operation. He sits on a number of regulatory and trade body councils and advisory groups.
Chris Curry
Chris Curry is director of the Pensions Policy Institute. Prior to becoming director at the Pensions Policy Institute, Chris was Research Director between 2002 and 2013. He was previously Senior Economist at Association of British Insurers between 2000 and 2002 and an Economic Adviser at the Department for Work and Pensions between 1992 and 2000.
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