Commenting on the publication of Department for Work and Pensions’ Green Paper on defined benefit pension schemes, David Fairs, Pensions Partner at KPMG UK, said:
“On one hand, this Green Paper suggests there is little wrong with the world of defined benefit pensions for the majority of sponsors. However, on the other hand the Green Paper sets out a wide range of options relating to: funding; reducing pensions; changing indexation; investment and scheme consolidation.
“Employers hoping for some short-term relief in meeting their scheme deficits – particularly following the impact of Brexit – might have to wait some time before ideas floated in this Green Paper become a reality.
“It is clear that refining this very wide consultation into meaningful and realistic changes will not be an easy task. The engagement of employers throughout the course of the consultation will be vital in order to ascertain the best means to move from proposal to coherent action.”
For further information please contact:
Simon Wilson, KPMG Corporate Communications
T: +44 (0) 207 311 6651
M: +44 (0) 778 537 3397
KPMG Press office
T: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 189,000 rofessionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.