PLSA’s response to WPSC inquiry into Defined Benefit (DB) schemes

On 16 March 2023, the Work and Pensions Committee (WPSC) launched an inquiry to review Defined Benefit (DB) pension schemes and the challenges and opportunities they pose to members, trustees, employers and The Pensions Regulator (TPR). 

The terms of reference of the WPSC inquiry are wide-ranging, touching on the current DB regulatory framework, capacity in the buy-out market, the quality of trustee boards, consolidation, scheme surpluses and protections for DB scheme members. 

With the improvement in scheme funding levels over the last year, the Government is investigating whether the current regulatory framework is set up to enable private sector DB schemes to continue to thrive under good governance and provide positive outcomes for scheme members. Based on feedback from our members, the PLSA’s submission provides responses to the 9 questions posed by the WPSC as part of this inquiry.