Government Launches Consultation on Releasing Billions of Defined Benefit Pension Surplus

Pension system overhaul to unlock billions of pounds for UK economy, Labour claims

A major overhaul to the pension system has been announced by the Labour Government, which could unlock billions of pounds for the UK economy.Yesterday, Pensions Minister Torsten Bell unveiled a major consultation examining how billions held in defined benefit pension scheme surpluses could benefit the country.The proposals would provide pension trustees with greater flexibility to distribute excess funds to both employers and scheme members.This…

DWP announces major new proposals to ‘unlock billions’ in pension surpluses

The department issued a major announcement on Wednesday regarding new rules for a popular kind of pension scheme.

Government launches consultation on releasing billions of defined benefit pension surplus

The government has announced a proposal to release billions of defined benefit pension scheme surpluses into the UK economy. A defined benefit pension is often called a final salary or career average scheme. It is a workplace retirement plan that guarantees a specific, predictable income. Launched by the Minister for Pensions today, the consultation sets …

Ministers want to unlock 'trapped capital' in defined benefit pension schemes

The government has published a consultation setting out conditions on freeing ‘trapped’ capital from defined benefit pension schemes, in a bid to keep pace with the rapidly changing pension landscape and free up greater amounts of capital. The consultation, published on Wednesday by the Department of Work and Pensions, set out plans to give trustees greater flexibility to release surplus funds to benefit employers, scheme members and the UK econ…