The UK’s parliamentary backbench policy-scrutinising committee is to hold an inquiry into the progress of auto-enrolment.
The Work & Pensions Select Committee, chaired by Labour MP Dame Anne Begg, will gather information and industry views on the progress of the policy.
The committee’s last inquiry was in 2012, as the policy was rolled out among the UK’s largest employers.
This latest inquiry will look into the lessons learned, issues for smaller employers, progress with automatic transfers, improving governance and administration and the implications of tax changes and introducing defined ambition.
The parliamentary committee is made up of 11 MPs from across the three main parties.
In other news, the Merchant Navy Officers Pension Fund (MNOPF) has rolled out a new payroll service that incorporates members’ other pension sources into one, ensuring members only receive one simplified payment.
The system was introduced after the scheme formally wound up its Old Section of the defined benefit scheme with a £25m insurance buy-in.
The £1.3bn Old Section is now fully insured with Rothesay Life and Legal & General.
MNOPF said, as a result of the insurance buy-ins and buyout, some members will have had three separate insurance policies, leading to the new payroll system’s rollout.
Lastly, the pension scheme for the British Medical Association (BMA) has appointed Buck Consultants to provide investment consultancy servies.
The trustees of the BMA Staff Pension Scheme has around £300m in assets, servicing roughly 1,300 members.
Buck is expected to provide the fund with investment advice, fund manager research and manager selection.