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Pension Protection Fund publishes revised proposition on public-sector consolidator model
United Kingdom | Publication | May 2024
The PPF has published its response to the DWP’s February 2024 consultation on options for DB schemes, which included the possible creation of a public-sector consolidator. The consultation closed on April 19, 2024.
The PPF's response confirms that a public-sector consolidator could allow potentially up to 2,300 schemes, with total assets of £130 billion serving 960,000 members, better access to an appropriate endgame solution for schemes that are currently "unattractive" to commercial providers. This could provide a secure home for transferring members' funds as well as potentially unlock around £10 billion for UK "productive investments".
It has also published a revised proposition document on how such a consolidator could operate. The PPF states that the design aims to provide attractive pricing, terms and member experience to all schemes regardless of size. This includes removing or reducing the price "premium" that the smallest schemes can face. Although the DWP's consultation has now closed, the PPF is still willing to accept feedback on its revised proposition document.
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