The group of industry experts and academics is seeking views and evidence from schemes of all sizes, as well as sponsors, regulators, government and intermediaries to allow it to get to the heart of the issues affecting defined benefit schemes.
The Taskforce intends to report its initial findings in the summer and then at the Pensions and Lifetime Savings Association Annual Conference in October 2016 to announce recommendations to Government to help ensure DB pensions are sustainable for the long term.
Joanne Segars, Chief Executive, Pensions and Lifetime Savings Association, said:
“The difficulties facing defined benefit schemes are much talked about and they often seem too complex or enormous to address – but those problems aren’t going away any time soon. The issue cannot be ignored because there are around 16 million1 people in DB schemes and the health of those schemes can also have a material effect on employers, government and the wider economy.
“The DB Taskforce, chaired by Ashok Gupta and supported by experts from across our industry and academia, will tease out the detail of these challenges and, equally importantly, set out possible solutions. Some of those solutions may be radical, but if we work together I am confident we can find the right answers.”
Ashok Gupta, Chair, DB Taskforce, said:
“There is broad consensus that the pensions sector should provide long term sustainable outcomes for members and act as a powerful engine of growth to the economy. It is clear however, that for some time pension schemes have been grappling with a wide range of challenges, including scheme funding, changing regulatory requirements, and an uncertain macro-economy. These have hampered their ability to deliver this commonly agreed principle.
“The Taskforce, which I am delighted to Chair, will consider these issues in depth, and seek solutions that enable UK schemes to cut through the Gordian Knot that we face today.”
