Committees

Defined benefit pension schemes

Inquiry

Defined benefit (DB) pension schemes promise to pay pension benefits based on salary and length of service. There are over 5,100 UK private sector DB schemes, with around £1.4 trillion in assets.

DB schemes are in decline in the private sector. The number of private sector employees still accruing new DB benefits reduced from 3.5 million in 2006 to just under 0.9 million in 2022. However, they remain of critical importance, with 9.6 million members relying on them for a substantial portion of their expected retirement income. In our Saving for Later Life inquiry, we found that people with access to a DB pension were more likely to be on track for an adequate income in retirement. The improvement in aggregate scheme funding levels over the last year make this an important time to consider the future.

Read the call for evidence to learn more about the inquiry.

This inquiry is no longer accepting evidence

The deadline for submissions was Wednesday 26 April 2023.

Upcoming events

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No upcoming events scheduled

Past events

Wednesday 10 January 2024
9:15am Public
Oral evidence session 10 January 2024
Defined benefit pension schemes - Oral evidence
9:15am
  • Oral evidence
DWP’s Annual Report and Accounts 2022-23 - Oral evidence
10:15am
  • Oral evidence
Room 16, Palace of Westminster
Wednesday 29 November 2023
9:25am Public
11:00am Private
Defined benefit pension schemes - Oral evidence 29 November 2023
Room 8, Palace of Westminster
Wednesday 8 November 2023
9:25am Public
Defined benefit pension schemes - Oral evidence 8 November 2023
Room 16, Palace of Westminster
Wednesday 18 October 2023
9:25am Public
Defined benefit pension schemes - Oral evidence 18 October 2023
To be confirmed

Contact us

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  • Email: workpencom@parliament.uk
  • Phone: 020 7219 8976 | 020 7219 1679 (Media)
  • Address: Work and Pensions Committee | House of Commons | London | SW1A 0AA