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.