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2 DC Department for Work and Pensions DWP White Paper Security in retirement: towards a new pensions system The Pensions Commission State Second Pension S2P / / / SERPS S2P S2P 0.4A 0.1B 0.2C

3 contracting out 4 Money-purchase schemes DC Final salary schemes DB Hybrid schemes FRS17 DB DB DC DC DB The National Association of Pension Fund NAPF 2004 DB DB 50 DB 19 4 The Pensions Regulator ,535 DC 7 2,697 DB 9,834 3,097 8,140 1 A 4,264 12,100 ( ) B 12,100 27,772 C 27,772 32,760 ( ) 12, Minimum Income Guarantee MIG MIG / / / / 2005/ Career Average Plans Department for Work and Pensions, Risk sharing and hybrid pension plans, August 2005, 7 <

4 DC DB ,275 2,552 1,969 7, ,354 3, ,783 3, ,000 4, ,000 9, , ,697 9,834 3,097 8,140 The Pensions Regulator SERPS DB DC DB SERPS Women and pensions; The evidence

5 A new contract for welfare: PARTNERSHIP IN PENSIONS (Cm4179) MIG S2P ,000 20,000 DC Simplicity, Security and Choice Working and saving for retirement Adair Turner CBI John Hills Jeannie Drake < Vol Association of British Insurers ABI Pensions International April

6 (1) (2) (3) (4) 4 (1) (2) (4) , Turner DB DB DC DC 75 DB

7 NPSS National Pensions Savings Scheme NPSS 2010 NPSS NPSS NPSS NAPF ABI NPSS National Pension Day

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9 Personal Account NPSS Personal Account 2012 Auto-enrolment 5,035 (2006/07 ) 22 3 opt-out opt-in 33,540 (2006/07 ) S2P S2P top-up S2P

10 DC DC , / 20 / the five tests 5

11 5 John Hutton Institute of Public Policy Research: IPPR ( 6 ) ( 2 ) 30 Personal NPSS Account <

12 2012 NAPF ABI NPSS NAPF Super Trust ABI Partnership Pensions Confederation of British Industry CBI NPSS 3 Pension Builder Partnership Pension Pension Tax Credit Investment Management Association IMA NPSS the best deal IMA Response to White Paper Security in retirement: towards a new pension systems, September 11, 2006.

13 NAPF ABI CBI Personal Accounts Super Trusts Partnership Pensions Pension Builder NPSS ( 250 ) Partnership Pension Pension Tax Credit Super Trust 2 BACS 1, Super 2 Trusts 4 2 NPSS Super Trust Super Trust Super NPSS Trust 40 Security in retirement: towards a new pensions system Super Trusts the answer on pensions, say NAPF Pensions White Paper NAPF Response, NAPF, September MEETING THE PENSIONS CHALLENGE, PARTNERSHIP PENSIONS: A NEW MODEL FOR RETIREMENT SAVING, February Making a success of Personal Accounts: The ABI s response to the pensions White Paper, ABI, September Personal Accounts Delivering the industry model: Technical paper, ABI, September CBI submission to the Department for Work & Pensions: Responding to the Pensions Commission final report

14 DC DC DC (k)

15 Department for Work and Pensions, Security in retirement: towards a new pension system, May The Pensions Commission, Pensions: Challenges and Choices, The First Report of the Pensions Commission, October The Pensions Commission, A New Pension Settlement for the Twenty-First Century, The Second Report of the Pensions Commission, November The Pensions Commission, Implementing an integrated package of pension reforms: The Final Report of the Pensions Commission, April /

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