One of our network partners, Western Pension Solutions (a specialist pensions consultancy that provides strategic and practical advice to family businesses), has added their insight to support the Institute for Family Business (‘IFB’) as part of the collaborative response to the government consultation on the consolidation of defined benefit pension schemes.

Western Pension Solutions is delighted to have been able to support the IFB in their consultation response.

The Department of Work and Pensions (‘The DWP’) recently issued a consultation, asking for Stakeholders’ views on the consolidation of Defined Benefit (‘DB’) Pension Schemes, in particular on a potential new legislative framework for authorising and regulating DB ‘superfund’ consolidation vehicles.

The consultation sought views on how such a vehicle should be authorised and regulated, to ensure the effective protection of members’ benefits (including views on governance and sustainability) and the proactive regulation of the risks specific to superfunds.

Jon Sharp, Director at Western Pension Solutions, was keen to add to the process, in particular confirming, “We welcome the Government’s consultation on this issue and are pleased that they are considering options that could reduce the costs and risks that family business face from defined benefit pension schemes.  Family businesses are an integral part of the UK economy and allowing them to focus on, and grow their businesses, will provide both enhanced employment and wider economic benefits to UK society.”

“Whilst it is vital that members’ benefits are adequately protected, we also hope that the Government will support a legislative and regulatory framework that is proportionate, so that it will allow all family businesses, particularly ones with smaller schemes, to benefit from access to pension superfunds.”

You can read the full submission on the IFB website here