The shifting landscape of DB pension schemes

The funding levels of the majority of defined benefit schemes have improved. Although there are questions about the extent to which the value of assets fell over 2022 which we think need to be resolved, the change compared to the mid-2010s when the majority were in substantial deficit, is clear. This raises new questions and gives rise to new opportunities and challenges, for example, relating to how DB scheme funding is regulated, how to treat any surplus in pension and compensation schemes and how to ensure scheme members feel their interests are represented in these decisions.