Is the Defined Contribution pension market functioning effectively? Could further reform address market failures and improve outcomes? How could collective Defined Contribution schemes help to achieve better outcomes for members?
Background
This encompasses priorities around:
- reducing the percentage of pensioners in absolute low income after housing costs
- Increasing the total number of people automatically enrolled in workplace pensions and building retirement savings
- continuing to explore how to make it easier for self-employed people to save for retirement
Next steps
Send correspondence and further questions to evidence.strategyteam@dwp.gov.uk.
Source
This question was published as part of the set of ARIs in this document:
Related UKRI funded projects
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Dynamics in private pension saving across the income distribution
How much people save for their retirement is extremely important. It matters not only for individuals' wellbeing but also for society in general because those with insufficient private savings are more reliant on governm...
Funded by: ESRC
Why might this be relevant?
The project provides insights into pension saving patterns and the role of policies in shaping decisions, which can help address the question of whether further reform can improve outcomes.
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The adequacy and optimality of retirement provision: household behaviour and the design of pensions
The UK is currently in the midst of sweeping changes to both state pension provision and private pension arrangements. Recent policy reforms include the introduction of the 'new state pension' from April 2016, further in...
Funded by: ESRC
Why might this be relevant?
The project aims to study the adequacy and optimality of retirement provision, which directly addresses the question of whether the Defined Contribution pension market is functioning effectively and if further reform can improve outcomes.
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The Thatcher pension reforms and their consequences
Since the end of 2006 there has been a widespread consensus that Britain's pension system is seriously dysfunctional. The debate over the nature and extent of the 'pensions crisis,' and over ways in which it might best b...
Funded by: AHRC
Why might this be relevant?
The project focuses on the historical roots of the pension crisis and the constraints on policy change, which is not directly relevant to the question of whether further reform can address market failures and improve outcomes.