DB Taskforce

The DB Taskforce  was set up by the PLSA in March  2016 to  undertake a review of the challenges currently facing funded defined benefit (DB) pension  schemes, and make recommendations to Government which will (a) help ensure the sustainability of open DB schemes and (b) help closed DB schemes run off more efficiently and ultimately secure member benefits. The terms of reference for the Taskforce can be found here.

Interim report

In October 2016 the Taskforce published its Interim Report. This report shows that, on the whole, DB pension schemes are under severe pressure and without change the likely outcome will be hardship for members or sponsors.

Second report: The Case for Consolidation 

The second report of the Taskforce, ‘The Case for Consolidation’ , examines four models of consolidation, and argues that full merger into a new type of ‘Superfund’ could deliver materially better outcomes for members, reducing risks to their benefits and the risks of their sponsor defaulting.

Next steps

In its next report, to be published later this year, the Taskforce will develop proposals for the measures that the Government would need to introduce in order to break through the cultural practical and legislative barriers that are restricting access to the benefits of consolidation today.

If you are interested in getting involved with the project then please contact DBTaskforce@plsa.co.uk.

About The Taskforce

The Taskforce is led by Ashok Gupta , co-deputy chair of the Bank of England’s enquiry into pro-cyclical al investment by pension funds and insurance companies. He is joined by experts from across the industry and academia.

Taskforce members

Ashok Gupta (Chair), Duncan BuchananFrank Johnson, Paul Johnson, Jackie Peel, Tim Sharp, Stephen Soper, Robert TalbutPaul Trickett, Kevin Wesbroom, Lesley Williams.

DOCUMENTS
Documents

Security and sustainability in defined benefit schemes: consultation response by the PLSA

15 May 2017

This consultation asks the questions necessary to move forward the increasingly pressing debate about the future of defined benefit pensions in the UK and we are pleased that the Government has had the political will...


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Documents

The Case for Consolidation

09 March 2017

The first report of the DB Taskforce showed that the current system for DB provision is too fragmented, manages risk inefficiently and has rigidity baked into benefit structures. Consolidation – the process of bringing together and simplifying some or all of the elements of DB provision has the potential to tackle each of these...


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Documents

DB Taskforce Interim Report

20 October 2016

In October 2016 the Taskforce published its Interim Report. This report shows that, on the whole, DB pension schemes are under severe pressure and without change the likely outcome will be hardship for members or sponsors....


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Documents

DB Taskforce - Call for Evidence

09 June 2016

Today there are more than 6000 funded DB pension schemes across the private and public sector. They are responsible for paying pensions, now or in the future, to over 16 million members, and collectively they own over £1 trillion of assets. It is clear however that schemes and their sponsors face a number of...


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Documents

DB Taskforce Terms of Reference

10 March 2016

The draft Terms of Reference for the DB Taskforce, which will be agreed at the first meeting of the Taskforce in early April...


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