Work and Pensions Committee issues call for evidence on future of DB schemes

The House of Commons Work and Pensions Select Committee has launched a call for evidence relating to its inquiry into the future of DB schemes.
  
This follows the WPC's September 2022 report found that people with access to a DB pension are more likely to be on track for an adequate income in retirement. However, concerns regarding DB governance and regulation were raised.
  
The WPC is therefore seeking written submissions in response to certain key questions:

• Is the right regulatory framework in place to enable open DB schemes to thrive?
• Is there sufficient capacity in the buyout market to meet demand from DB schemes? If not, what are the alternatives?
• What should the Regulator do to improve the quality of trustee boards?
• What, if any, further steps should be taken to encourage DB scheme consolidation? And are there any circumstances in which consolidation should be mandatory?
• Do the recent improvements in funding levels change the future role of DB schemes in UK pension provision?
• How should scheme surpluses be treated? For example, should they remain in the scheme or be shared between employers and scheme members? Are the issues different for open and closed schemes?
• What are the implications of improved funding levels for the PPF? 
• Should changes be made to the PPF, Financial Assistance Scheme or Fraud Compensation Fund to improve outcomes for members?

The call for evidence closes on April 26, 2023.