UK - The government has announced it will undertake an independent review of auto-enrolment.
An independent commission of three independent experts - EEF head of employment policy David Yeandle (pictured), Legal & General pensions strategy director Adrian Boulding, and led by Institute for Fiscal Studies research fellow Paul Johnson - will spend the next three months looking at how to make auto-enrolment work.
Johnson said: "This is an important review for the government."
Secretary of state for work and pensions Iain Duncan Smith and pensions minister Steve Webb outlined what they described as a "radical agenda" on how they will improve pensions in the UK.
They said they would:
• Restore the link between state pensions and earnings from 2011;
• Call for evidence from the public and interested parties on raising the state retirement age to 66;
• Consult on how quickly they will phase out the default retirement age; and
• Undertake an independent review of how to make auto-enrolment work.
Webb said the coalition would take the opportunity to "think big" on pension policy.
"Pension policy has been bedevilled by incremental fiddling," he said.
He added: "We remain committed to auto-enrolment. Auto-enrolment is a key part of dealing with under saving. Spending a few months over the summer making sure we get it right is time well spent.
"We also want to make sure auto-enrolment is not putting excessive burdens on employers."
Webb explained the review would investigate how auto-enrolment will affect different types of employee, company and specifically look at the role of NEST in the pension reform package.
"We also need to know how quickly any reforms will tackle pensioner poverty."
The review will end on September 30.
PADA chief executive Tim Jones said: "It's absolutely right that a new government should take stock of the policy on pension reform and how that is being delivered.
"We look forward to having the opportunity to support ministers and the independent reviewers however we can.
"In the meantime we will continue to get on with our work to build NEST, to ensure all options continue to be available to the government at the conclusion of the review."
Duncan Smith said the government planned to reinvigorate retirement by helping millions of Britons to get back into a savings habit that has declined over the last decade.
He said: "Britain used to have a pensions system to be proud of, but due to years of neglect and inaction we are left with fewer people saving into a pension every year and the value of the state pension has been eroded, leaving millions in poverty. We must live up to our responsibility to reinvigorate the pension landscape.
"People are living longer and healthier lives than ever, and the last thing we want is to lose their talent and enthusiasm from the workplace due to an arbitrary age limit.
"We also need to recognise that to meet the challenge of providing an affordable, stable pensions system in a society with ever increasing life expectancy, people will need to work longer.
"And we will reward their longer working life by making sure that when they do retire, their pension is worth getting. We are taking radical action to restore the earnings link with the triple guarantee, ensuring our pensioners get the best possible deal.
"Everyone needs to take responsibility for achieving the income in retirement they aspire to. We will support them in doing so by giving people the chance to save into a workplace pension and the freedom to work beyond retirement age if they want to."
Pensions minister Steve Webb added: "I've worked all my life to get a fairer deal for pensioners. Up to 10 million people are not saving enough and we cannot allow this situation to continue.
"Our plans to reinvigorate pension saving will be underpinned by automatic enrolment into workplace pensions from 2012. But we need to make sure we get the details right, which is why we're announcing a thorough and speedy review, to make sure that it pays to save."
Confederation of British Industry deputy director-general John Cridland said: "The independent review of NEST is a welcome step. We support the basic principles of the Turner Commission, but it is clear that the bureaucracy of the scheme has become complex and costly.
"We hope the review will address this, removing red tape for firms which already offer good pensions and revising the charging structure which could currently put off savers."
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.