Defined benefit pension schemes

Work and Pensions Committee Closed Inquiry
Opened: 16 Mar 2023 Closed: 5 May 2024 Parliament page
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 … Read more
9 Recommendations
14 Conclusions
1 Report
6 Oral sessions
15 Letters
6 Events
Activity timeline 29 events
30 Apr
2025
Report published
4 Dec
2024
Correspondence
26 Mar
2024
Report published
13 Mar
2024
Correspondence
6 Mar
2024
Correspondence
7 Feb
2024
Correspondence
31 Jan
2024
Correspondence
24 Jan
2024
Correspondence
10 Jan
2024
Oral evidence
10 Jan
2024
Correspondence
10 Jan
2024
Correspondence
10 Jan
2024
Correspondence
Oral evidence sessions 6 sessions
10 Jan 2024
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Work and Pensions Committee
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
29 Nov 2023
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Work and Pensions Committee
Louise Davey · The Pensions Regulator Nausicaa Delfas · Financial Ombudsmen Service Neil Bull · The Pensions Regulator
8 Nov 2023
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Work and Pensions Committee
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
18 Oct 2023
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Work and Pensions Committee
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
6 Sep 2023
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Work and Pensions Committee
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
21 Jun 2023
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Work and Pensions Committee
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
Title HC No. Published Items Response
Third Report - Defined benefit pension schemes HC 144 26 Mar 2024 23 Responded
Recommendations & Conclusions
2 results
Clear
10 Conclusion Deferred
Third Report - Defined benefit pen…
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 … Read more
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 governance.
Department for Work and Pensions
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13 Conclusion Deferred
Third Report - Defined benefit pen…
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
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Government Response AI assessment · 23 of 9 classified
Accepted 8
Acknowledged 9
Deferred 2
Rejected 4
Total 9 recs + 14 conclusions
Correspondence 15 letters
4 Dec 2024 Statement from the Office of National Statistics (ONS), the Pensions Regulator (TPR) and the Pension Protection Fund (PPF) on valuing the assets in Defined Benefit (DB) pension schemes
Parliament page
13 Mar 2024 Correspondence with The Pensions Regulator relating to the impact on Defined benefit pension schemes after the LDI episode
Parliament page
6 Mar 2024 Correspondence with the Minister for Pensions relating to Defined Benefit pension schemes
Parliament page
7 Feb 2024 Correspondence from TPR relating to Defined Benefit pension schemes with Liability Driven Investments
Parliament page
31 Jan 2024 Correspondence with Economic Secretary to the Treasury relating to Defined benefit pensions
Parliament page
24 Jan 2024 Correspondence with the Economic Secretary to the Treasury relating to Defined benefit pension schemes - evidence session follow-up
Parliament page
10 Jan 2024 Correspondence with the Minister for Pensions relating to meeting with the Pensions Action Group
Parliament page
10 Jan 2024 Correspondence with the Office for National Statistics relating to Defined benefit pension schemes
Parliament page
10 Jan 2024 Correspondence with the Minister for Pensions relating to Proposed Scheme Funding Regime — Open Defined benefit pension schemes
Parliament page
13 Dec 2023 Correspondence with the Pension Protection Fund relating to Defined benefit pension schemes
Parliament page
29 Nov 2023 Correspondence with Pension Protection Fund relating to Defined benefit pension schemes
Parliament page
8 Nov 2023 Correspondence from Clara-Pensions relating to defined benefit pension schemes
Parliament page
8 Nov 2023 Correspondence with the Pension Protection Fund relating to Pension Protection Fund compensation levels
Parliament page
25 Oct 2023 Correspondence with the Pension Protection Fund relating to defined benefit pension scheme inquiry and updated data
Parliament page
18 Oct 2023 Correspondence with the Prudential Regulation Authority relating to Defined benefit pension scheme consolidation
Parliament page