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Defined Benefit Pensions

Occupational defined benefit (DB) pension schemes are declining as employers struggle to meet the guaranteed retirement incomes their schemes promised due to pressures arising from increasing longevity, increasing costs and low-return market conditions

After the 2008 financial crisis, many DB schemes’ funding deficits escalated, resulting in a number of high profile cases where employers were no longer able to meet their pension liabilities, for exmaple the Tata Steel, BHS and Carillion schemes. As those cases illustrate, DB schemes are complex, requiring the right balance between long-term sustainability, affordability and member protection. 

Current Developments in the DB Landscape:

  • In 2017, the Department for Work and Pensions (DWP) issued a consultation on the future of DB pensions to ascertain the challenges currently facing  schemes, opportunities to improve them and means to protect scheme members. 

  • In March 2018, the DWP published Protecting defined benefit pension schemes – a White Paper setting out the Government’s views on potential solutions to help improve the system.

  • In April 2018, the Work and Pensions Select Committee launched an inquiry on the DWP’s White Paper The results of the inquiry will inform the subsequent consultations on various aspects of the White Paper, including consolidation, due later in 2018.

  • At the end of June 2018, the DWP issued a consultation with proposals to strengthen The Pensions Regulator’s powers to enable it to intervene and ssue fines or criminal offeces for wilful or reckless behaviours leaving pensions schemes at risk.

 

Contact Details

For further information, please contact the Policy Team at

Policy@actuaries.org.uk

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Events calendar

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    Drawing from his most recent book “The New Long Life” and his longevity research Andrew J Scott will outline how longer lives and new technologies will fundamentally reshape how we structure our lives and transform the economy. As well as looking at the agenda this will set governments and corporates he will focus on the implications for you and how you prepare your future career.

  • India Town Hall

    Webinar
    28 January 2021

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    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann. 

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    Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.

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    As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.

  • Sub-Saharan Africa Town Hall

    26 February 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.

  • MENAP Town Hall

    2 March 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.