Mansion House speech and new call for evidence on PPF role

In his Mansion House Speech on 10 July, the Chancellor set out a number of pension reforms which aim to boost pensions and increase investment in British businesses. 

As part of these reforms, the Department for Work and Pensions (DWP) have launched a new call for evidence. This is seeking views on ways in which protection for members of defined benefit (DB) pension schemes can be increased, while supporting the goal of boosting investment in the UK economy – including in relation to a possible role for the PPF as a consolidator, as well as how DB schemes might be able to increase the amount they invest in productive finance.

This follows the growing interest over the future of defined benefits schemes and our role in late June and the departmental review of the PPF which was published late last year. 

We welcome the call for evidence on whether we could help deliver better outcomes for defined benefit pension members and the wider economy. It recognises that our skills, capabilities and proven track record could be harnessed to deliver new solutions. However, our focus remains on delivering on our existing role for our current members and levy payers.  

As a statutory corporation set up by the Pensions Act 2004, any potential future changes to our role would likely require legislative change and would principally be a matter for policy makers, however, we stand ready to support policy makers and industry to deliver effective solutions.  

We encourage stakeholders to contribute views and look forward to playing our part in this important debate. Find out more about the call for evidence.