Defined Benefit

DEFINED BENEFIT

DB IN FOCUS

Defined benefit (DB) pensions schemes, and the 7.3 million people who are actively saving with them, are facing unprecedented challenges. Increased longevity, difficult market conditions and a tough regulatory environment are all contributing factors.

In response to these challenges, many DB schemes have closed over the last decade. The Pensions and Lifetime Savings Association argue that DB provision needs to be supported to prevent decline from posing a threat to the security of members’ pension provision and the role that DB pension schemes play in UK investment.

The Pensions and Lifetime Savings Association also has many local government members, which include over 70% of the 101 funds that make up the Local Government Pension Scheme.

DB Taskforce Roadshows

We will be releasing the third, and final, report of our DB Taskforce at the end of September.  The previous Taskforce reports used the evidence gathered through conversations with members to assess the challenges facing DB schemes today before conducting a comprehensive options review of a range of measures to help trustees and employers get funds on track, including the case for consolidation.  In the final phase, the Taskforce has been considering the modelling of DB superfunds and the criteria for funds that might benefit from them.

Preview our proposals

We will hold three roadshow events in September so that you can have a preview of our ideas and discuss the detail of our recommendations. 

If you would like to attend, please  register for a roadshow at the venue most convenient for you by selecting one of the links below:

  • Edinburgh – Thursday, 7th September at Shepherd and Wedderburn, 1 Exchange Crescent, Conference Square, Edinburgh, EH3 8UL from 15:15 to 18:00 – to register click here.
  • London – Thursday, 14th September at PLSA Offices, Cheapside House, 138 Cheapside, London,EC2V 6AE from 15:15 to 18:00 – to register click here.
  • Manchester – Tuesday 19th September at Willis Towers Watson, Belvedere, 12 Booth Street, Manchester, M2 4AW from 15:15 to 18:00 – to register click here.

Registration for all three events will start at 15:00. Tea and coffee will be provided on arrival and drinks and nibbles afterwards.

The roadshows will also give you the opportunity to discuss other DB issues and priorities. We’d like to talk to you about the following:

  • The DWP White Paper and Government priorities for DB pensions.
  • The latest thinking on pension scheme governance.
  • The PPF levy.
  • GMP equalisation. 

If you have additional themes and issues that you’d like to discuss, please email membership@plsa.co.uk and we’ll make sure we get these covered at the events.