The Department for Work and Pensions today published their policy paper, ‘Protecting defined benefit pension schemes’. This follows the Green Paper from February 2017, 'Security and Sustainability in Defined Benefit Pension Schemes'.
The White Paper recognises the strong and valuable protection provided by the PPF. No changes are suggested for the PPF; it sets out Government plans to:
•protect private pensions through a stronger Pensions Regulator
•clarify scheme funding principles
•create the right conditions for, and promote the benefits of, consolidation.
David Taylor, PPF Executive Director and General Counsel, commented: “We welcome the White Paper which marks an important contribution to managing risks in the defined benefit pensions landscape. We welcome the proposed measures to improve the scheme funding regime, the targeted strengthening of TPR’s anti-avoidance powers, and moves to establish an appropriate regime for scheme consolidation. Developments in all these areas support the valuable safety net for members which we currently provide. We continue to engage closely with DWP and Pensions Regulator colleagues to translate the policy proposals into practice.”