The Industry Model designed by the Department of Work and Pensions (DWP) as an alternative to the National Pension Savings Scheme (NPSS), proposed by the Pensions Commission, will include a small panel of providers chosen by the Government.
At a private meeting on Monday between DWP officials and members of the pensions industry, four models for a low cost savings scheme were shown to the group to discuss the advantages and disadvantages of each. The DWP Industry Model, which is described as a variation on the Association of British Insurers (ABI) Partnership Pensions model, apparently offers more choice than other models, with the Government setting up a panel of providers to administer the funds. It suggests having a Government clearing house to act as a ‘policeman’ and collect the contributions from employees and employ...
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