The People’s Pension response to the DWP’s Investment Innovation and Future Consolidation consultation
The People’s Pension response to the DWP’s Investment Innovation and Future Consolidation consultation
Responding to the DWP’s Investment Innovation and Future Consolidation consultation, Gregg McClymont, director of policy at The People’s Pension, said:
“Pension fund management is not a cottage industry. It demands economies of scale. Pension scheme members would be better served by fewer, much larger schemes, run in the interests of their members and able to leverage the economies that come with genuine scale.
“But there is also a need to think about the consolidation process and how trustees will choose a new scheme. It’s important that the consolidation process is genuinely competitive. The Competition and Markets Authority’s recent investigation into the fiduciary market suggests there is much work to be done to ensure competitive tenders”.
ENDS