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Pension Funds

Question for Department for Work and Pensions

UIN 38500, tabled on 25 May 2016

To ask the Secretary of State for Work and Pensions, whether the Pensions Regulator will now update its rules on defined benefit (DB) schemes to clarify the legal responsibilities of DB trustees.

Answered on

10 June 2016

Parliament has given the Pensions Regulator operational independence from the Government. It would not, therefore, be appropriate for the Government to comment on such matters. However, we can confirm that the Regulator provides clear guidelines for pension scheme trustees on the requirements for a well-run and well-funded defined benefit scheme, to enable them to meet their legal obligations. These guidelines include a detailed online learning programme for trustees. Trustees must also appoint the right people, including actuaries, auditors, and other appropriate advisers, to help them run their scheme. The Government keeps the Regulator’s role and remit under review.