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The responses to this consultation support our proposed changes to workplace pensions to encourage flexibility to respond to consumers’ needs and provide sustainable pensions for everyone.
The main features of “Defined Ambition” schemes (also known as shared risk schemes), that we plan to introduce, are that they share risk between employers and scheme members, which in other schemes lie with one party. As part of “Defined Ambition” we will also introduce new collective pension arrangements that pool risks among members with the potential for pensions that create more certain outcomes.
The response document contains a summary of the feedback and our response. We will publish draft legislation for these changes later this year.
The government proposes that, in future, the regulation of workplace pension schemes should make sure that the sponsoring employer or scheme provider deliver any promise or guarantee. The consultation contains 54 questions about future workplace pension provisions.
We have created an online blog, Defined Ambition Pensions consultation, where you can discuss with others the pension models described in this consultation and how they might work in practice. The blog is an informal way of exchanging views on the consultation so please also submit your views formally (see consultation document for details).