Home / Sources / Select Committees / First Special Report - Defined benefit pensions with Liabil…
Select committee: Work and Pensions Committee

First Special Report - Defined benefit pensions with Liability Driven Investments: Government Response to Committee’s Seventh Report of Session 2022–23

Published 20 November 2023

Work and Pensions Committee Defined benefit pensions with Liability Driven Investments Report on parliament.uk ↗

At a glance

The government's response

This document responds to Seventh Report - Defined benefit pensions with Liability Driven Investments.

This is the government's response, published 20 November 2023.

Summary written by Accountability Index from the government's response. It is not the government's own words.

The Government "welcomes the Committee's report" and sets out progress and proposals for future work on each recommendation, with some recommendations met through regulator monitoring and others left to later consideration.

  • On investment consultants, the Government "welcomes" the recommendation to bring them within the FCA's regulatory perimeter, but commits only to take the Committee's views into account as it "assesses its next steps".
  • On financial stability, the Government "accepts the FPC's recommendation" that TPR should incorporate financial stability considerations in its decision making and balance them with its objectives as a pensions regulator.
  • On the Committee's call to halt the new funding regime, the Government does not say it will halt it. DWP plans to lay the draft regulations "in due course", accompanied by a full impact assessment.
  • On disclosure requirements for LDI use, DWP "will consider, in light of TPR's findings, whether changes to disclosure requirements are appropriate". TPR's analysis of 2022 scheme data is to be produced "by the end of 2023".

Read the government's response ↗ Report an error

Sources