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Select Committee · Work and Pensions Committee

Defined benefit pension schemes

Status: Closed Opened: 16 Mar 2023 Closed: 5 May 2024 9 recommendations 14 conclusions 1 report

Defined benefit (DB) pension schemes promise to pay pension benefits based on salary and length of service. There are over 5,100 UK private sector DB schemes, with around £1.4 trillion in assets. DB schemes are in decline in the private sector. The number of private sector employees still accruing new DB benefits reduced from 3.5 …

Clear

Reports

1 report
Title HC No. Published Items Response
Third Report - Defined benefit pension schemes HC 144 26 Mar 2024 23 Responded

Recommendations & Conclusions

2 items
10 Conclusion Third Report - Defined benefit pension … Deferred

Explore ways to meet pension scheme members’ expectations for benefit enhancement

Improvements in scheme funding have given new prominence to the question of how to treat any surplus in the best interests of scheme beneficiaries. For example, there may be discretion after benefits have been secured on buy-out to enhance benefits before returning any remaining surplus to the employer. There may …

Government response. The government acknowledges concerns about member interests regarding surplus treatment and discretionary increases, noting existing TPR guidance for trustees. It commits to running a public consultation later this year to explore further changes in the area of trustee capability and …
Department for Work and Pensions
13 Conclusion Third Report - Defined benefit pension … Deferred

Set a date for mandatory accreditation of professional pension trustees

Despite strong support from TPR and trustee bodies for accreditation as a way to improve governance standards, they can only encourage it. DWP should set a date by which it intends to make accreditation mandatory for professional trustees.

Government response. The government did not set a date for mandatory accreditation, instead stating that voluntary accreditation is prevalent and it intends to consult on the framework of accreditation and governance later this year.
Department for Work and Pensions

Oral evidence sessions

6 sessions
Date Witnesses
10 Jan 2024 Bim Afolami · HM Treasury, Fiona Frobisher · The Pensions Regulator, Katie Farrington · Department for Work and Pensions, Laura Webster · HM Treasury, Neil Couling · Department for Work and Pensions, Paul Maynard · Department for Work and Pensions, Peter Schofield · Department for Work and Pensions View ↗
29 Nov 2023 Louise Davey · The Pensions Regulator, Nausicaa Delfas · Financial Ombudsmen Service, Neil Bull · The Pensions Regulator View ↗
8 Nov 2023 Barry Kenneth · Pension Protection Fund, Neil Walsh · Prospect, Oliver Morley · Money and Pensions Service, Richard Nicholl · Pensions Action Group, Roger Sainsbury · Deprived Pensioners Association, Sara Protheroe · Pension Protection Fund, Terry Monk · Pensions Action Group View ↗
18 Oct 2023 David Carson · Hewlett Packard Pension Association (HPPA), Harus Rai · Capital Cranfield, Janice Turner · Association of Member Nominated Trustees, Leonard Bowman · Hymans Robertson, Nick Coleman · BP Pensioner Group, Robert Smith · Royal Ordnance Pensioners Association, Steve Hitchiner · Society of Pension Professionals View ↗
6 Sep 2023 Adam Saron, Brian Denyer · Abrdn, Luke Webster · The Pension Superfund, Serkan Bektas · Insight Investment, Simon True · Clara-Pensions Limited, Tracy Blackwell · Pension Insurance Corporation plc, Yvonne Braun · ABI View ↗
21 Jun 2023 Dr Con Keating · Brighton Rock Group, Joe Dabrowski · Pension and Lifetime Savings Association, Leah Evans · Institute and Faculty of Actuaries, Mr Derek Benstead · First Actuarial LLP, Mr John Ralfe, Mr Martin Hunter · Railpen, Professor Iain Clacher · University of Leeds, Sir Steve Webb · Lane, Clark & Peacock View ↗

Correspondence

15 letters
DateDirectionTitle
4 Dec 2024 — Statement from the Office of National Statistics (ONS), the Pensions Regulator …
13 Mar 2024 — Correspondence with The Pensions Regulator relating to the impact on Defined be…
6 Mar 2024 — Correspondence with the Minister for Pensions relating to Defined Benefit pensi…
7 Feb 2024 — Correspondence from TPR relating to Defined Benefit pension schemes with Liabil…
31 Jan 2024 — Correspondence with Economic Secretary to the Treasury relating to Defined bene…
24 Jan 2024 — Correspondence with the Economic Secretary to the Treasury relating to Defined …
10 Jan 2024 — Correspondence with the Office for National Statistics relating to Defined bene…
10 Jan 2024 — Correspondence with the Minister for Pensions relating to meeting with the Pens…
10 Jan 2024 — Correspondence with the Minister for Pensions relating to Proposed Scheme Fundi…
13 Dec 2023 — Correspondence with the Pension Protection Fund relating to Defined benefit pen…
29 Nov 2023 — Correspondence with Pension Protection Fund relating to Defined benefit pension…
8 Nov 2023 — Correspondence with the Pension Protection Fund relating to Pension Protection …
8 Nov 2023 — Correspondence from Clara-Pensions relating to defined benefit pension schemes
25 Oct 2023 — Correspondence with the Pension Protection Fund relating to defined benefit pen…
18 Oct 2023 — Correspondence with the Prudential Regulation Authority relating to Defined ben…