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While the outlook for the vast majority of schemes is positive, in that members can expect to receive the pensions they have been promised, there are some schemes where the outlook is much more uncertain.In some cases, a closed pension scheme can be a significant burden for the sponsoring employer, limiting their ability to focus on their core business, including investment for the future and the pay and pensions of current employees.These principles give clear guidance to government departments on conducting consultations. If you have any comments about the consultation process (as opposed to the issues which are the subject of the consultation), or if you feel that the consultation does not adhere to the values expressed in the consultation principles or that the process could be improved, write to: ), published in a summary of responses received and referred to in the published consultation report.All information contained in your response, including personal information, may be subject to publication or disclosure if requested under the Freedom of Information Act 2000.
It would provide an incentive for employers to inject significant sums into their schemes to bring them up to being sufficiently well funded on a prudent basis, so that they can enter a superfund. Provided the right regulatory regime is in place to deter excessive risk taking, the interests of members and investors are likely to be more evenly balanced.
However, we also identified areas where the system could be improved and made more efficient, including through the consolidation of individual pension schemes. Consolidation already happens across the pensions market to varying degrees, from sharing and outsourcing administrative services, to pooling assets and liabilities through common vehicles such as master trusts, to insurance buy-ins and buy-outs.
Whether and how schemes choose existing consolidation options will depend on their own specific circumstances. A significant proportion of schemes remain in deficit, and have done over the last decade, despite £120 billion being paid in special contributions, the majority of which were deficit reduction contributions.
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Trustees will also be required to notify are properly protected and a sensible and sustainable balance is struck between the interests of members, the sponsoring employer, and the superfund investors. This consultation seeks views on an appropriate legislative framework for the authorisation and regulation of superfunds looking to enter the market. Many of our proposals would require primary legislation and we will seek to legislate in due course when parliamentary time allows.