Defined benefit (DB) schemes and the protection system in place for members are working despite recent high profile failures such as Carillion, according to the pensions and financial inclusion minister.
Guy Opperman urged the pensions industry not to jump to conclusions and assume the system is "broken". Speaking at an Association of Member Nominated Trustee conference on 28 February, he said: "I accept high-profile corporate failures such as Carillion do not help the perception of the DB system. But I want to make it very clear that, for the vast majority of DB schemes, the pension protection system is working as intended." Opperman said The Pensions Regulator (TPR) has a tough job overseeing nearly 6,000 DB schemes and must effectively balance protecting member benefits and taking ...
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