Pensions Priorities: law reform — the DWP consultation on ‘defined ambition’ schemes
In the February edition of Pensions Pieces, Taylor Wessing mentioned the government’s policy document (‘Reinvigorating Workplace Pensions’), which set out its high-level policy objectives in relation to pensions and explored whether or not there was a place for a new pensions model called ‘defined ambition’. One of the motivations behind this was to tackle the current polarised position where it is either the employer (defined-benefit pension schemes) or the employee (defined-contribution pension schemes) who bears the main risk in pension saving.
The government has now published a formal consultation document with proposals for a regulatory framework that will not focus on the detail of benefit design but on trying to ensure that any benefit promise or guarantee to a member is delivered. A new pensions standard is proposed where certainty and risks can be shared between various parties (e.g. employers and employees but could also include insurers and investment managers)…
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