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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 here

This inquiry is no longer accepting evidence

The deadline for submissions was Wednesday 26 April 2023.

Reports, special reports and government responses

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Third Report - Defined benefit pension schemes
Inquiry Defined benefit pension schemes
HC 144
Report
Large Print - Defined benefit pension schemes
Inquiry Defined benefit pension schemes
Report

Oral evidence transcripts

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10 January 2024
Inquiry Defined benefit pension schemes
Witnesses Fiona Frobisher (Deputy Director, Defined Benefit Policy Division at Department for Work and Pensions), Bim Afolami (Economic Secretary to the Treasury at HM Treasury), Paul Maynard (Minister for Pensions at Department for Work and Pensions), and Laura Webster (Director of the Personal Taxes, Welfare and Pensions at HM Treasury)
Oral Evidence
29 November 2023
Inquiry Defined benefit pension schemes
Witnesses Nausicaa Delfas (Chief Executive Officer at The Pensions Regulator), Louise Davey (Interim Director of Regulatory Policy, Analysis and Advice at The Pensions Regulator), and Neil Bull (Head of Investment at The Pensions Regulator)
Oral Evidence
8 November 2023
Inquiry Defined benefit pension schemes
Witnesses Roger Sainsbury (Founder at Deprived Pensioners Association), Neil Walsh (Pensions Officer at Prospect), Terry Monk (Member of the Executive Committee at Pensions Action Group), Richard Nicholl (member of the Executive Committee at Pensions Action Group), Barry Kenneth (Executive Committee at Pension Protection Fund), Oliver Morley (Chief Executive at Pension Protection Fund), and Sara Protheroe (Chief Customer Officer at Pension Protection Fund)
Oral Evidence
Hewlett Packard Pension Association (HPPA) (DBP0101)
Jane Hutt (DBP0100)
John Benson, and Phil Jones (DBP0098)

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  • Email: workpencom@parliament.uk
  • Phone: 020 7219 8976 (general enquiries) | 020 7219 1679 (media enquiries)
  • Address: Work and Pensions Committee | House of Commons | London | SW1A 0AA