Following on from the consultation on Defined Benefit pension schemes: security and sustainability, the Secretary of State for Work and Pensions has published the White Paper Protecting Defined Benefit pension schemes. The paper sets out how the Government propose to increase protection for defined benefit scheme members and make improvements to the current system.
The paper includes plans to:
- protect private pensions through a stronger Pensions Regulator,
- enhance scheme funding principles,
- create the right conditions for, and raise awareness of the benefits of, consolidation.
In general, Northern Ireland’s pensions policy and legislation operate in line with Great Britain, and there is, in effect, a single pensions system across the UK. It is anticipated therefore that any changes will be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.
Protecting Defined Benefit Pension Schemes