What are the implications of greater consolidation in the Defined Contribution and Defined Benefit markets? How does this impact savers/members?

Background

Shaping a pensions system that serves the interests of savers and pensioners is central to DWP’s work to support decent, secure retirement incomes for all. This group of questions covers evidence on pension adequacy, financial resilience, pensioner poverty, retirement choices and the functioning of workplace, private and state pension systems. DWP is interested in how demographic change, economic conditions, employment patterns and saving behaviour affect outcomes for different groups, including those at greater risk of under-saving or financial insecurity. Evidence is also needed on how savers and pensioners engage with pensions and pensioner benefits, how employers respond to pension obligations, and how pension markets are changing. External research can help DWP understand long-term risks and trade-offs, the balance of responsibility between individuals, employers and government, and how policy and market design can support decent, secure retirement incomes while considering wider economic impacts.