The UK government said its proposed national savings scheme to tackle a gaping pensions deficit would choose a single-operator model, not one of many providers. The National Pensions Savings Scheme (NPSS) will operate by taking money from employers and their staff and routing it to a choice of investment funds under an independent body, the government said in its White Paper legislative document.

The government said it will set up a delivery authority to push forward its plans, which are designed to close the country’s estimated 57 billion pounds pensions deficit.