Protecting Defined Benefit Pension Schemes - A Stronger Pensions Regulator

Closes 21 Aug 2018

Opened 26 Jun 2018

Overview

In March 2018, the government published the White Paper ‘Protecting Defined Benefit Pension Schemes’. In the White Paper, we argued that the existing system is working well for the majority of Defined Benefit pension schemes, members, trustees and sponsoring employers but that we could see ways in which we could improve the system further.

We are now working to make these improvements. These include:

  • Clearer funding standards for all pension schemes, together with new options to help employers, trustees and the Pensions Regulator work together to better manage schemes’ pension promises such as the introduction of a Chair or Trustees and a new Chairs Statement;
  • A stronger role for the Pensions Regulator to make sure that the needs of the pension scheme are properly considered when companies undertake corporate transactions;
  • Enhanced powers for the Pension Regulator to obtain the right information when they need it;
  • New powers to strengthen existing safeguards and which enable the Pension Regulator to deter, and when necessary punish, wrongdoing.The White Paper said that “There are a number of measures where, although we have agreement about what needs doing, more work is required to build consensus about the best way to deliver our aims and to design the detail of our proposals. We will be consulting further on these areas.”

This consultation explains these improvements and asks for evidence on how they can best be implemented.

This is an opportunity to strengthen defined benefit pensions’ protection for the long term, and it is extremely important we get the changes right. We are therefore asking for views on our proposals before we move to implement them. We are keen to hear from anyone with an interest in these areas.
You can view our policy proposals and questions document here.

Why We Are Consulting

The White Paper said “There are a number of measures where, although we have agreement about what needs doing, more work is required to build consensus about the best way to deliver our aims and to design the detail of our proposals. We will be consulting further on these areas.”

We are therefore asking for detailed views on our proposals before we move to implement them.

We are looking for the views from a range of people and organisations with an interest in private sector Defined Benefit pension schemes.

Please Give Us Your Views

Audiences

  • Organisations
  • Scheme members
  • Trustees
  • Sponsoring employers
  • Pension professionals

Interests

  • Pensions