IRRV Alert - week ending 14th July 2023
News
Consultations
Defined benefit pension scheme consolidation (11 July 2023)
Consultation outcome
Defined benefit pension scheme consolidation
- From:
- Department for Work and Pensions
- Published
- 7 December 2018
- Last updated
- 11 July 2023 — See all updates
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This consultation has concluded
Download the full outcome
Government response: Consolidation of defined benefit pension schemes
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Detail of outcome
The government published its response to this consultation on 11 July 2023.
Original consultation
Summary
This consultation seeks views on a new legislative framework for authorising and regulating defined benefit 'superfund' consolidation schemes.
This consultation ran from
9:45am on 7 December 2018 to 11pm on 1 February 2019
Consultation description
Consolidating defined benefit pension schemes into superfund entities so that they benefit from improved funding, economies of scale and better governance will provide more security for members of some pension schemes.
Advantages of superfund schemes are they:
- protect savers through a capital buffer, which will provide greater security by reducing the risks associated with future employer insolvencies
- provide an alternative way for employers in certain circumstances to separate themselves from legacy pension arrangements by moving closed pension schemes into a superfund, freeing them to focus on the day-to-day running of their business
- improve the likelihood of members’ benefits being paid in full
- enable access to a wider and potentially more innovative mix of investment opportunities
This consultation seeks views on a new legislative framework for authorising and regulating defined benefit superfund consolidation schemes as described in Protecting defined benefit pension schemes, published in March 2018. It gives an indication of the government’s policy intentions and likely focus of the legislation.
We also published a consultation on Delivering collective defined contribution pension schemes on 6 November 2018.
Documents
Consolidation of defined benefit pension schemes
HTML
Consolidation of defined benefit pension schemes
Ref: ISBN: 978-1-78659-116-6PDF, 688 KB, 68 pages
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Published 7 December 2018
Last updated 11 July 2023 + show all updates