The Department for Work and Pensions is currently consulting on draft regulations which will lay the legal framework for a new DB pensions funding regime, expected to result in the biggest shake up in the management of DB pensions since 2004/05. 

In this paper, we raise major concerns about the unintended consequences that could arise from the way the DWP regulations have been drafted. What is more, we challenge the lack of a meaningful impact assessment from the DWP, with our estimate of the potential impact on pension schemes being in excess of £30bn – a cost that will ultimately be borne by sponsors and pension scheme members.