This paper sets out government plans to:
- protect private pensions through a stronger Pensions Regulator
- clarify scheme funding principles
- create the right conditions for, and promote the benefits of, consolidation
This paper follows on from the consultation Defined benefit pension schemes: security and sustainability.
The paper also includes the government response to the British Steel Pension Scheme consultation in chapter 4.
A defined benefit pension is a promise made by the sponsoring employer to a scheme member that they will pay a predetermined level of pension, regardless of socio-economic factors.