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Pension Schemes

Volume 453: debated on Monday 20 November 2006

To ask the Secretary of State for Work and Pensions what plans he has to allow companies to reduce benefits already earned in defined benefit pension schemes. (100812)

The Government have no plans to reduce benefits already earned in defined benefit pension schemes.

The White Paper “Security in retirement: towards a new pensions system” the Government announced a deregulatory review of occupational pensions with the aim of reducing the regulatory burden on those who offer good quality pension schemes. The review will look at a broad range of proposals that have been raised by stakeholders and will need to strike a balance between protecting members’ benefits and encouraging employer provision by lightening regulation.