Pensions Minister considers future of DB schemes

Trustees Agenda posted on 20 March, 2017

Pensions Minister Richard Harrington has hinted that millions of people with final salary pensions may have to accept reduced benefits to take the pressure off companies whose pension promises outweigh their assets.

In an article in The Daily Telegraph, Mr Harrington put forward several options for the future of DB schemes including a 'super fund' for small schemes and changing indexation from RPI to CPI.

He concluded that any future changes "must balance the needs of consumers, employers and schemes and I don't want it tipped in favour of one particular group".