The Department for Work and Pensions’ (DWP) draft regulations concerning defined benefit (DB) de-risking “effectively usher out technical provisions”, according to Ross Trustees.
The firm bid "farewell" to technical provisions after noting the DWP's regulations remove them as the primary funding measure which trustees need to be concerned with, and instead "shift the emphasis to low dependency or better". The DWP this week launched a consultation considering measures to "boost protections" for DB members, which comes on the back of the Pension Schemes Act 2021 which set the framework for potential new regulations. DB schemes will be required to prove long-term plans in a funding and investment strategy that will be looked over by The Pensions Regulator under t...
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