THE MOST IMPORTANT CONSULTATION IN UK PENSIONS HISTORY?
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A panel discussion hosted by Insight in March 2024 focused on the future of UK DB pension schemes, and covered the environment for DB schemes today, the implications of the current government consultation on DB options, and answered a wide range of questions on the practical implications for schemes.
Read an edited transcript of the discussion.
We are definitely sensing a real move among CFOs from buy-out being the gold standard to…some recognising that the game has changed, and that in fact there may be another way.
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Excess capital in DB schemes allows for investment risk within affordable boundaries. Plus, many sponsors now have the scope to access an upfront cash distribution from this excess capital in addition to a long-term predictable income stream. Meanwhile, the cost of an insurance buyout may reduce through time. Why forgo your share of this opportunity?
We outline the corporate perspective on DB pensions.
We have entered a new era for pension schemes with aggregate funding levels above buy-out costs.
THE FUTURE OF DB PENSION SCHEMES
WHY WOULD YOU NOT WANT TO ACCESS YOUR SHARE OF £225BN AVAILABLE CAPITAL?
This consultation is about no less than whether this once-in-a-generation opportunity will be captured or lost.
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UK DB pension schemes have the scope to serve their members’ interests, benefit corporate sponsors and support the UK economy – leading to significant benefits for all for decades to come. A well-coordinated policy response could unlock these significant benefits.
Read our response to the UK government’s recent consultation.
Paul Kitson, Actuary and UK Head of Pensions Consulting at EY