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CBI comments on OFT workplace pensions study
The CBI have commented on the Office of Fair Trading’s (OFT) report on how the defined contribution (DC) market is performing.
Neil Carberry, Director for Employment and Skills, said:
“Governance and transparency are key to making auto-enrolment work, so the OFT is right to identify these as issues that should be addressed by the industry. Businesses, providers and savers all need to up our game to ensure good quality.
“Small businesses need help to make decisions on the best scheme for their employees, but this mustn’t result in additional red tape and expense.
“Many businesses already provide pensions at well above auto-enrolment level, and must be allowed to continue to make their own judgements about what is best for them and their staff.”
Note to Editors:
The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi the CBI communicates the British business voice around the world.
