Following the government's consultation on defined contribution (DC) pension scheme consolidation, new proposals expect smaller DC schemes to initiate wind up and consolidate with larger schemes if they do not offer sufficient value for members.
Esther Hawley, Senior Investment Consultant, provides this brief overview as to what the government expects of scheme trustees and sponsors, and why the assessment may prove a challenge for many small DC schemes.
Schemes should begin planning now. The proposals will come into force on 5 October 2021.
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