Government consults on pension scheme plans
The government has launched a consultation aimed at formulating a plan with regards to workplace pension scheme regulatory action, it has emerged.
Among the key aims of the process will be to find out how best to strike a balance between the financial risks to employers in offering defined benefit schemes and the pension prospects of its members, the government maintains.
"The aim of the consultation is to build a consensus around the motivations, interests and needs of employers - while assessing the risks and outcomes for pensioners of different approaches," said James Purnell, secretary of state for work and pensions.
Mr Purnell went on to suggest that the government's aim is to encourage innovation among employers in terms of the pension schemes they offer their staff.
Fidelity International said last week that retiring Britons could face a steeper drop in their income levels when they end their working lives as more defined benefit pension schemes are replaced by defined contribution equivalents.
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