OFT to probe workplace pension value for money

It said the review was prompted by automatic enrolment legislation, which will see millions of workers start contributing into DC schemes for the first time. It said annual contributions were expected to rise to about £11bn by 2018. At present about four million people are DC scheme members. Auto-enrolment means another six to nine millions workers will be enrolled in the next five years. The OFT said it decided to "take a forward look now to see whether competition will work in the best interests of these savers to deliver low cost, high quality pension schemes". The study will fo...