By Maximilian Clarke

TheCityUK has begun to conduct a review of defined contribution pension choices after the group’s CEO, Chris Cummings, was asked at the 2011 Gleneagles Conference to chair a workgroup looking at the ability of the current UK market to deliver cost effective and accessible pensions.

Pension provisions in the UK are currently going through a significant period of change with the establishment of the National Employment Savings Trust (NEST) and the introduction of auto enrolment. It is anticipated that the private sector will actively compete with NEST and if the UK workforce is to achieve adequate pension provision it is vital that employers and employees are able to choose good value for money solutions.

To respond to this challenge, TheCityUK has started to collect a wide cross section of views from firms, pension providers, professional bodies and consumer groups, allowing them to assess the state of the market, and to consider the new pension choices which are being introduced and developed.

TheCityUK would be pleased to receive written comments and submissions from anyone with an interest in pensions and/or their retirement income.

Chris Cummings, CEO of TheCityUK commented, “I am delighted that the conference has asked TheCityUK to undertake a review of Defined Contribution pensions. As we are independent and impartial, we are firmly placing the end user (scheme members & employees) at the centre of our thinking. There are already lots of alternatives on offer which can be bewildering and confusing to both employers and employees. They need good quality, fair value pensions that will improve the retirement incomes of the UK public.”

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