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In an environment in which most defined benefit pension schemes are considered to be underfunded, it...

In an environment in which most defined benefit pension schemes are considered to be underfunded, it is understandable that new legislation aims to improve the security of members' benefits. However, a balance needs to be struck which also allows companies to continue to generate the wealth which supports schemes and encourages them to offer new types of pension provision to their employees. The impending changes to scheme funding rules and the introduction of the risk based pension protection fund (PPF) levy are flawed in this respect. We would like to endorse some changes which would much...