Committees

Defined benefit pension schemes

Inquiry

Defined benefit (DB) pension schemes promise to pay pension benefits based on salary and length of service. There are over 5,100 UK private sector DB schemes, with around £1.4 trillion in assets.

DB schemes are in decline in the private sector. The number of private sector employees still accruing new DB benefits reduced from 3.5 million in 2006 to just under 0.9 million in 2022. However, they remain of critical importance, with 9.6 million members relying on them for a substantial portion of their expected retirement income. In our Saving for Later Life inquiry, we found that people with access to a DB pension were more likely to be on track for an adequate income in retirement. The improvement in aggregate scheme funding levels over the last year make this an important time to consider the future.

Read the call for evidence to learn more about the inquiry.

This inquiry is no longer accepting evidence

The deadline for submissions was 11:59pm on 26 April 2023.

Upcoming events

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Past events

Wednesday 10 January 2024
9:15am Public
Oral evidence session 10 January 2024
Defined benefit pension schemes - Oral evidence
9:15am
  • Paul Maynard (Minister for Pensions at Department for Work and Pensions)
  • Fiona Frobisher (Deputy Director, Defined Benefit Policy Division at Department for Work and Pensions)
  • Bim Afolami (Economic Secretary to the Treasury at HM Treasury)
  • Laura Webster (Director of the Personal Taxes, Welfare and Pensions at HM Treasury)
DWP’s Annual Report and Accounts 2022-23 - Oral evidence
10:15am
  • Peter Schofield (Permanent Secretary at Department for Work and Pensions)
  • Katie Farrington (Director-General for Disability, Health and Pensions at Department for Work and Pensions)
  • Neil Couling (Change and Resilience Director General and Senior Responsible Owner Universal Credit at Department for Work and Pensions)
Room 16, Palace of Westminster
Wednesday 29 November 2023
9:25am Public
11:00am Private
Defined benefit pension schemes - Oral evidence 29 November 2023
9:25am
  • Nausicaa Delfas (Chief Executive Officer at The Pensions Regulator)
  • Louise Davey (Interim Director of Regulatory Policy, Analysis and Advice at The Pensions Regulator)
  • Neil Bull (Head of Investment at The Pensions Regulator)
Room 8, Palace of Westminster
Wednesday 8 November 2023
9:25am Public
Defined benefit pension schemes - Oral evidence 8 November 2023
9:25am
  • Terry Monk (Member of the Executive Committee at Pensions Action Group)
  • Roger Sainsbury (Founder at Deprived Pensioners Association)
  • Neil Walsh (Pensions Officer at Prospect)
  • Richard Nicholl (member of the Executive Committee at Pensions Action Group)
10:15am
  • Oliver Morley (Chief Executive at Pension Protection Fund)
  • Barry Kenneth (Chief Investment Officer at Pension Protection Fund)
  • Sara Protheroe (Chief Customer Officer at Pension Protection Fund)
Room 16, Palace of Westminster
Wednesday 18 October 2023
9:25am Public
Defined benefit pension schemes - Oral evidence 18 October 2023
9:25am
  • Robert Smith (Member of Council at Royal Ordnance Pensioners Association)
  • Nick Coleman (Member at BP Pensioner Group)
  • David Carson (Member of Steering Committee at Hewlett Packard Pension Association (HPPA))
10:15am
  • Harus Rai (Chair at Association of Professional Pension Trustees)
  • Janice Turner (Founding co-chair at Association of Member Nominated Trustees)
  • Steve Hitchiner (President at Society of Pension Professionals)
  • Leonard Bowman (Partner and Head of Corporate DB Endgame Strategy at Hymans Robertson)
The Macmillan Room, Portcullis House

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