The Pensions Regulator (TPR) has moved to reassure savers that defined benefit (DB) pension schemes are safe after a number of media sources reported of their imminent collapse in the run-up to the Bank of England’s gilt market intervention.
Speaking at the Pensions and Lifetime Savings Association's annual conference yesterday (13 October), TPR chief executive Charles Counsell said newspaper headlines such as those suggesting pension funds "almost collapsed amid market meltdown" or were "hours from disaster" were simply not true. He said: "Following recent media coverage, I think it is really important to reassure savers that DB pension schemes were not and are not at risk of collapse - it is absolutely clear there have been liquidity issues in some of the funds, but that does not mean the schemes themselves are at risk of ...
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