“The PLSA’s efforts to simplify and standardise defined benefit schemes would be welcome across all schemes, regardless of size. Successive legislation has resulted in complexity which has significantly increased administration costs, buy out costs and led to a lack of understanding amongst scheme members.
“Creating superfunds with different reserving requirementsto those of insurance companies is an interesting concept but will require significant risk capital to be put up by those running the funds. The suggestion that the PPF should stand behind the superfunds begs the question of who will pay the levy to the PPF to support the arrangements? This is a particularly potent question as the PLSA is predicting that up to half of DB pension schemes might otherwise fail.”
For media enquiries, please contact:
Christina Bridge, PR Manager
T: 020 73114252
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 152 countries and has 189,000 professionals 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.