Defined benefit pension schemes: Work and Pensions Committee holds first oral evidence session of inquiry

The Work and Pensions Committee will hear from academics and pension policy experts in the first oral evidence session of the inquiry into defined benefit pension (DB) schemes.

The inquiry is examining whether the right regulatory regime is in place for DB schemes to thrive, how well-funded schemes are and the role of the Pensions Regulator (TPR).

The first panel, featuring former Pensions Minister Sir Steve Webb and other pension experts, will look at the future role of DB pension schemes and how they should be funded. The witnesses could also be asked about buy-outs of schemes and what their long-term objectives should be.

The second panel will focus on open schemes, with witnesses including Martin Hunter from the Railway Pension Trustee Company Ltd (and its subsidiary, Railpen). The Committee will explore the differences between open and closed schemes, how pension scheme funding is changing, and TPR’s objectives and approach to scheme funding.

Witnesses

Panel 1 (at 9.25am):

• Professor Iain Clacher, Professor of Pensions & Finance and Director, Centre for Financial Technology and Innovation, University of Leeds;
• Dr Con Keating;
• Sir Steve Webb, Partner, Lane, Clark & Peacock and former Pensions Minister; and
• Joe Dabrowski, Deputy Director of Policy, Pensions and Lifetime Savings Association.

Panel 2 (at approx. 10.30am):

• Leah Evans, Chair of Pensions Board, Institute and Faculty of Actuaries;
• Martin Hunter, Head of Integrated Funding, Railpen;
• Derek Benstead, Senior Consultant, First Actuarial LLP; and
• John Ralfe.