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DWP to consider future of DB pensions in white paper

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DWP to consider future of DB pensions in white paper

The Department for Work and Pensions (DWP) will publish a white paper on the future of defined benefit (DB) pension schemes.

This follows the publication of a green paper on DB pensions published in February. 

The green paper set out proposals to protect the future of DB schemes, including plans to make it easier to consolidate such schemes, and possibly allowing employers to water down benefits when a scheme is in trouble. 

According to the DWP, the white paper, due to be published in winter, will continue to look at the possibility of consolidation, as well as increased regulatory powers for the Pensions Regulator.

Secretary of state for work and pensions David Gauke (pictured) said that although the 'vast majority' of DB schemes were helping people in retirement, the white paper would look at how to secure the future for all schemes.

'This white paper will set out our proposed next steps on what reform is needed to support the sector, including the powers of the regulator. Our way forward is clear and we will ensure that the system continues to balance the needs of consumers, the schemes themselves and business for the future,' he said.

 

 

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