DWP

The National Employment Savings Trust Corporation spent £31m during 2010/11 - including paying £5m in interest payments on a Department for Work and Pensions loan, the balance of which has hit £120m.

The Department for Work and Pensions has launched a consultation on the way in which employers can certify the pension scheme they plan to enrol their employees into.

The Department for Work and Pensions overpaid some £3.3bn on benefits last year due to fraud and error, its 2010/11 accounts show.

The Pensions Regulator (TPR) said it will monitor "suspiciously high" opt-out rates under auto-enrolment after MPs suggested some employers may force workers to leave the scheme.

The Department for Work and Pensions has published a guide to pensions terminology in an attempt to strip away "unintelligible language and confusing jargon".

The Work and Pensions Committee has launched an inquiry into auto-enrolment and the National Employment Savings Trust.

Introducing the collective defined contribution model in the UK could increase typical members' pensions by up to 45% according to actuarial consultant Hamish Wilson.

Unions have rejected proposals put forward by pensions minister Steve Webb to reform the basic state pension, saying its cost neutrality "condemns it to failure".

Industry figures believe the government will make transfer of short service refunds the default option when it revamps the regulatory framework later this year.

The Department for Work and Pensions has issued another consultation on easements to the employer debt regime.