Call for evidence outcome

Options for Defined Benefit schemes: a call for evidence

From:: Department for Work and Pensions
Published: 11 July 2023
Last updated: 22 November 2023 — See all updates

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Government response to Options for Defined Benefit schemes

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Government response to Options for Defined Benefit schemes

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Detail of outcome

The government published its response to this consultation on 22 November 2023.

Original call for evidence

Call for evidence description

As part of the government’s policy to promote economic growth, the Department for Work and Pensions (DWP) wants to build an evidence base around how defined benefit (DB) pension schemes could increase the amount invested in productive asset classes. It wants to do this while maintaining appropriate security of the benefits promised, not undermining the fiduciary duties of trustees and maintaining the stability of the gilt market.

This includes exploring the prospect of more investment that provides equity capital and finance for businesses in the UK. This includes start-ups, infrastructure and private equity, as well as longer-term investments, typically in illiquid assets. This has been generically termed investing in ‘productive finance’.

We would like to hear from the pensions industry, especially DB schemes and their sponsoring employers, and other stakeholders who can offer an informed perspective on how DB schemes engage with ‘productive finance’ in practice and how that could change.

We have also published an analysis of the impact of July 2023 pension package on member outcomes.

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