While our focus remains delivering for our members and levy payers, we recognise the growing interest in the future of defined benefit schemes, and us.
Yesterday, the Tony Blair Institute for Global Change published a report which set out ideas for the future of defined benefit schemes in the UK, and an expanded role for the PPF.
There have also been other ideas put forward recently by industry which consider the future role of the PPF.
Alongside this, the Work and Pensions Select Committee is currently holding an inquiry focused on defined benefit pension schemes. We recently published our response and key takeaways.
The interest follows on from a departmental review of the PPF which was published late last year. These reviews are conducted periodically by the Department for Work and Pensions (DWP).
The review concluded that we are a ‘well-run public body offering high standards of service and value for money to those who use it and pay for it’.
It also concluded that we have developed unique capabilities and skills and encouraged us to work together with DWP to consider whether our expertise could be used in other ways for public benefit.
Our Chief Executive, Oliver Morley, said, “We are aware of the growing debate around the future of defined benefit schemes, including the role consolidation could play in improving member outcomes and supporting the UK economy.”
“The report from the Tony Blair Institute, like the recent departmental review of the PPF, recognises our unique capabilities in this area.
“We welcome the chance to work with government and the wider industry to explore the various options and be part of the potential solution.
“We would also want to reassure our current members, and levy payers, that delivering the best outcomes for them remains our priority."
As a statutory corporation set up by the Pensions Act 2004, any potential future changes to our role would likely require legislative change. As such, this would principally be a matter for policy makers.
We remain focused on delivering on our existing role for our members and levy payers.