Source · Select Committees · Work and Pensions Committee
Recommendation 1
1
Accepted
Paragraph: 19
We welcome that scheme funding has improved substantially since the mid- 2010s.
Conclusion
We welcome that scheme funding has improved substantially since the mid- 2010s. However, the PPF and the ONS have produced different estimates of the extent to which the value of the assets in DB schemes reduced over 2022. The PPF acknowledges that its figures do not fully reflect the effects of market disruption during the LDI episode. It is important to have as accurate a picture of funding as possible. The Pensions Regulator and the Pension Protection Fund should continue to work with the Office for National Statistics to reach an understanding of the funding position of DB schemes and publish the results.
Government Response Summary
The ONS, TPR, and PPF have already worked together, publishing a joint statement on December 4, 2024, to clarify differences in their DB pension scheme data. They have also committed to ongoing collaboration.
Paragraph Reference:
19
Government Response
Accepted
HM Government
Accepted
The Office for National Statistics (ONS), TPR and the PPF have worked together to understand the differences between their respective datasets on DB pension schemes, particularly since autumn 2022. On 4 December 2024, 1 Purple Book 2024 – https://www.ppf.co.uk/-/media/PPF-Website/Public/Purple-Book- Data-2024/PPF-The-Purple-Book-2024.pdf 2 https://www.thepensionsregulator.gov.uk/en/document-library/research-and-analysis/ estimated-db-scheme-universe-funding-splits-and-assets-under-management the ONS published a joint statement with TPR and the PPF to acknowledge nd summarise the different approaches taken to both data collection and how the data are used by the three organisations, making this as clear as ossible to their users and stakeholders.3 Both TPR and the PPF have recently made revisions to their annual DB publications4 which have shown a downward revision in both asset and liability values. Despite the revisions, the overall funding position across the DB universe continues to be strong. ONS, TPR and the PPF have committed to work together on an ongoing basis and we continue to collaborate with them to ensure the best available statistics and evidence.