Launch event: The end of the beginning? Private defined benefit pensions and the new normal
Jan 18, 2017 | EVENT
Held in the House of Lords, this event launched the ILC-UK report The end of the beginning? Private defined benefit pensions and the new normal.
The collapse of BHS and concerns over the future of Tata Steel have put the sustainability of private sector defined benefit (DB) pension schemesfirmly into the spotlight. These types of DB schemes promise a set payment to their members in retirement based on salary and years of service, but there are growing concerns that many such schemes and their sponsors will be unable to fulfil their promises at a time of rising life expectancy and falling interest rates.
Rather than a technical paper, the report is intended to be a discussion piece in order to stimulate further debate on this highly important issue. To mark the launch, a panel discussion was held, including Ben Franklin, Head of Economics of an Ageing Society, ILC-UK; Douglas Anderson, Partner, Hymans Robertson; Prof. David Blake, Director, Pensions Institute, Cass Business School, and Jennifer Donohue, Partner, Ince and Co LLP.