Tuesday 21 February 2017
The Government has published a Green Paper on Defined Benefit Pension Schemes, entitled Security and Sustainability in Defined Benefit Pension Schemes.
The Paper outlines proposals for reform in four key areas – funding and investment, scheme affordability, member protection and consolidation.
In the Paper the Government recognises Defined Benefit (DB) schemes are an important pillar of the UK economy and our pensions system, and says that it is bringing forward these proposals to help DB schemes deliver better outcomes for current and future pensioners. In recent years following the financial crash of 2008, the increased cost of scheme liabilities and the resulting increase in scheme funding deficits has led to some commentators to conclude that there is a fundamental problem with the way that DB schemes are funded and regulated – particularly with high profile cases such as BHS and British Steel in 2016.
To view the full response use this link: LLA RESPONSE