The industry has been calling for some sort of alternative to defined benefit (DB) schemes for as long as I can remember - saying such arrangements could provide a third way between DB and defined contribution (DC) schemes.
Yet, despite significant discussion on such defined ambition schemes - including an inquiry by the Work and Pensions Committee, which closed to written submissions last week - little enabling legislation...
This week's top stories included the Department for Work and Pensions issuing two separate consultations on the pensions dashboard and defined benefit consolidation.
A regime similar to that for defined contribution (DC) master trusts will be set up for regulating defined benefit (DB) consolidators under plans announced today.
Defined benefit (DB) superfunds that wish to enter the market must talk to The Pensions Regulator (TPR) about their plans before opening for business.