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 pressures in the current economic and regulatory conditions, as well the broader challenges to affordability associated with significant improvements in longevity.
These challenges, and size of many scheme deficits - despite record levels of employer (and employee) contributions - has brought the future of DB provision into sharp focus.
The DB Taskforce, established by the PLSA in March, intends to get to the heart of these issues and find solutions to help ensure DB pension provision is sustainable for the long-term.
Call for evidence
The DB Taskforce has been established to undertake a review of the challenges facing schemes and their employers to (a) help ensure the sustainability of open DB schemes; and (b) help closed DB schemes run off more efficiently and ultimately secure member benefits.
This Call for Evidence sets out a series of questions on which the DB Taskforce is seeking views and empirical evidence.
We would encourage anyone with an interest in the future of DB provision to engage with this Call for Evidence, and in particular invite responses from Government, regulators, employers, scheme members, trustees and trustee boards, representative bodies, think tanks and industry stakeholders.
A summary of questions on which we would welcome your feedback is set out on page 35. In addition to responses to these questions, we would welcome the inclusion of relevant research, data and reports in your submission.
Please submit your response by 15 July 2016 to DBTaskforce@plsa.co.uk