The Pensions and Lifetime Savings Association launched a task force to consider and find solutions to the problems that defined benefit plans face in the U.K.
The task force, which was launched by Joanne Segars, CEO of the association, at its investment conference in Edinburgh, is chaired by Ashok Gupta, former deputy chair of the Bank of England’s procyclicality working group. It comprises a number of industry experts and academics.
They will seek views and evidence from pension fund executives, regulators, governments and intermediaries.
It is expected to report its initial findings this summer, and recommendations to the government will be announced at the annual Pensions and Lifetime Savings Association conference, held in October.
In a news release announcing the task force, Mr. Gupta said pension funds have been “grappling with a wide range of challenges, including scheme funding, changing regulatory requirements and an uncertain macro economy,” for some time. He said these issues have hampered funds’ ability to deliver long-term sustainable outcomes for members, and to act as a “powerful engine of growth to the economy.”
Other members of the task force include Duncan Buchanan, partner at Hogan Lovells and president, Society of Pensions Professionals; Frank Johnson, chairman of the Pensions and Lifetime Savings Association DB Council; Jackie Peel, vice chairwoman of the Pensions and Lifetime Savings Association DB Council; and Kevin Wesbroom, senior partner at Aon Hewitt.