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1436628
registered interest false more like this
date less than 2022-02-28more like thismore than 2022-02-28
answering body
Department for Work and Pensions remove filter
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Pensions remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Work and Pensions, what steps he is taking to ensure that the Pensions Regulator effectively balances risks in respect of the viability of pension schemes, including benefits, scheme member priorities and tackling historic deficits. more like this
tabling member constituency York Central more like this
tabling member printed
Rachael Maskell more like this
uin 131235 remove filter
answer
answer
is ministerial correction false more like this
date of answer less than 2022-03-03more like thismore than 2022-03-03
answer text <p>The Department does not assess the funding of individual defined benefit pension schemes. Trustees are required to undertake actuarial valuations at least every three years and agree an appropriate recovery plan where there is a funding deficit. Trustees can undertake valuations more frequently to assess a scheme’s funding position in the light of economic changes. The UK has a robust regime for the funding of defined benefit pension schemes, which effectively balances member security and employer affordability. Provisions in the Pensions Act 2021 will strengthen this regime by requiring trustees to have a funding and investment strategy to ensure pensions can be provided over the long term. The Pensions Regulator oversees the funding regime for defined benefit pension schemes and has statutory objectives to protect members’ benefits, and to minimise any adverse impact on the sustainable growth of the employer.</p> more like this
answering member constituency Hexham more like this
answering member printed Guy Opperman more like this
grouped question UIN
131233 more like this
131234 more like this
question first answered
less than 2022-03-03T12:47:28.957Zmore like thismore than 2022-03-03T12:47:28.957Z
answering member
4142
label Biography information for Guy Opperman more like this
tabling member
4471
label Biography information for Rachael Maskell more like this