Question to the Department for Work and Pensions:

To ask Her Majesty’s Government whether they intend to introduce legislation (1) prohibiting companies withdrawing moneys from their pension funds for any reason, or (2) requiring them to keep their funds topped up to the level recommended by actuaries.

Current legislation already requires schemes to have sufficient and appropriate assets to cover the cost of paying future pensions when they fall due, or to put in place a recovery plan to ensure that the scheme returns to full funding within a reasonable period. It also prohibits the transfer of funds from the scheme to the employer apart from some limited circumstances and where there is a surplus.

The Government’s Security and Sustainability in Defined Benefit Pension Schemes Green Paper explores a number of aspects of defined benefit pensions, including scheme funding arrangements and invites views. This paper was laid before Parliament on 20 February 2017.

The closing date for comments is 14 May 2017; responses can be submitted to the following postal address:

DB Consultation Private Pensions

First Floor

Caxton House

6-12 Tothill Street

London

SW1A 9NA