Consultation on workplace pensions for future generations
Close date: 19 December 2013
The Government consults on a new category of "defined-ambition" pensions, which seeks to plug the gap left by the move away from defined-benefit schemes. It aims to increase the certainty of pension income for future generations provided for by the defined-contribution structure and to address employers' concerns about the funding risks around defined-benefit schemes. The Government wishes to lift the current barriers to innovation and believes that, in the future, regulation of workplace pensions should not focus on benefit design but on ensuring that any promise or guarantee from the sponsoring employer or scheme provider is delivered.
Consultation document: Reshaping workplace pensions for future generations