Pensions Investment Review: Unlocking the UK pensions market for growth

The consultation sets out proposals to legislate for a minimum size and maximum number of Defined Contribution () pension scheme default funds. These measures will enable the market to move to fewer, larger funds which are better placed to invest in productive assets and more able to deliver greater returns for members.

To support these measures, we also set out proposals to enable contractual overrides for contract-based pension arrangements, subject to appropriate member protections. This would enable transfers without consent into either a trust-based or contract-based arrangement and would aid the shift to fewer, larger schemes.

We also use this consultation to explore the role of differential pricing in a consolidated market and the roles of employers and their advisers and seeks views on the merits of proposals to encourage them to focus on value from their workplace pensions.