Stream sponsored by: Media partner: BUILDING A MORE ROBUST DEFINED BENEFIT SECTOR SPEAKERS RONAN O'CONNOR LESLEY WILLIAMS DEPUTY DIRECTOR, DIRECTOR OF PENSIONS PRIVATE PENSIONS POLICY WHITBREAD GROUP DWP CHAIR JOE DABROWSKI HEAD OF GOVERNANCE & INVESTMENT PLSA @ThePLSA
Stream sponsored by: Media partner: PENSIONS REFORM UPDATE RONAN O'CONNOR DEPUTY DIRECTOR, PRIVATE PENSIONS POLICY DWP
PROPORTION OF EMPLOYEES WITH WORKPLACE PENSIONS: BY TYPE OF PENSION, 1997 TO 2016 Source: Office for National Statistics, Annual Survey of Hours and Earnings
DB SCHEME FUNDING LEVEL PROJECTIONS ON A BUY-OUT BASIS, ‘BASE CASE’ SCENARIO
DB SCHEME FUNDING LEVEL PROJECTIONS ON A BUY-OUT BASIS, ‘LOW GILT YIELD’ SCENARIO
CUMULATIVE DEFICITS OF SCHEMES ENTERING THE PPF
IMPROVING GOVERNANCE Clear objectives agreed by trustee and sponsor Buy Out Consolidate Self Sufficiency Sponsor Support Clear trustee and sponsor accountability Assessing success of strategies Better targeted interventions
UNAMBIGUOUS STANDARDS Does the statutory funding objective need to be clearer? Being clear about what good looks like. How do you demonstrate prudence? The right information and the right interventions Do we need a Chair Statement to drive accountability And a Regulator equipped to enforce standards?
CONFIDENT AND PROACTIVE REGULATOR Have been repeated calls for a more proactive approach from the Regulator July 2017 TPR announced “TPR Futures”, their strategy to be clearer, quicker, tougher What more does the Regulator need in it’s statutory armoury?
CONSOLIDATION – BIG QUESTIONS Which schemes will benefit most from consolidation? Is a commercial consolidator an occupational pension? What funding standards should it meet? Should sponsoring employers be discharged? Is better than – good enough?
SUSTAINABLE AND SECURE Better understanding and communication of risk – Trustees, Employers, Members, and Regulator Fewer, larger, more efficient schemes Confident, pro-active Regulator Better outcomes for members
Stream sponsored by: Media partner: BUILDING A MORE ROBUST DEFINED BENEFIT SECTOR LESLEY WILLIAMS DIRECTOR OF PENSIONS WHITBREAD GROUP
DB MITIGATIONS Great Investment governance returns Sponsor covenant
DB SOLUTIONS Consider Consolidate benefit levels More regulation
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