The effect on private pensions of the recent stock market downturn varies with the share of assets individual schemes assign to equities. In general UK pension funds have substantially reduced their exposure to equities in recent years.
The Government have taken a number of steps to support good quality pension provision and are committed to helping scheme sponsors through this difficult time within the framework provided by the Pensions Regulator and the Pension Protection Fund.
We will continue to work with groups representing pension schemes, employers and scheme members to consider what further steps can be taken to support schemes.