The Pensions Regulator (TPR) has expressed its support for proposals from government regarding the use of surpluses in defined benefit (DB) pension schemes to support economic growth and improve saver outcomes.
Nausicaa Delfas, Chief Executive of The Pensions Regulator, said: "Many defined benefit pension schemes are better funded than at any point in recent history – with around 80% of schemes fully funded.
"Our first priority must be to ensure pension scheme members have the best chance of receiving their promised benefits. Where schemes are fully funded and there are protections in place for members, we support efforts to help trustees and employers consider how to safely release surplus if it can improve member benefits or unlock investment in the wider economy."
Notes to editors
- TPR has published new data providing estimates of defined benefit scheme assets and liabilities, number of schemes in deficit and in surplus as well as a breakdown of DB surpluses across the following different measures; technical provisions, low dependency and buyout together with the cumulative DB asset value by number of schemes (smallest to largest). This actuarial information is to inform private pension policy.
- TPR is the regulator of work-based pension schemes in the UK. Its statutory objectives are to:
- protect members’ benefits
- reduce the risk of calls on the Pension Protection Fund (PPF)
- promote, and to improve understanding of, the good administration of work-based pension schemes
- maximise employer compliance with automatic enrolment duties
- minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only)
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