At Pensions Age Autumn Conference earlier this month, Pensions Minister Guy Opperman talked about the benefits of pension scheme consolidation.
“Consolidation of the market into fewer, larger schemes is what I believe we should be striving for,” he said. “And I’m pleased that the early indications suggest that there is broad agreement that scheme consolidation can improve governance, introduce economies of scale, and facilitate access to wider investment opportunities, all of which can drive better member outcomes.”
Opperman also commented on the Prime Minister and Chancellor’s challenge for institutional investors to create an “investment big bang”, which identified defined benefit superfunds as one means to deliver this. “I fully support this view, and I will continue to work to bring forward a permanent regime, very shortly,” he confirmed.
Separately, at Professional Pensions Live Conference, the minister spoke about improving member outcomes through the use of consolidation.
This was followed by last week’s news that Guy Opperman had been reappointed as the Pensions and Financial Inclusion Minister following the government’s cabinet reshuffle, which also saw Thérèse Coffey remain as Secretary of State for Work and Pensions.
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