Pensions Minister, Emma Reynolds, has confirmed that the government is still considering a potential public sector consolidator (PSC), with further updates on this, as well as the work to improve pension transfer regulations, expected “in the coming months".

Speaking at the Pensions and Lifetime Savings Association (PLSA) Annual Conference, Reynolds stressed that while the focus of the pension review is on defined contribution (DC) and Local Government Pension Scheme (LGPS), the government hasn’t forgotten about defined benefit (DB).

"The last government did a major consultation on DB and we're looking at that very seriously and it may be that we'll have something more specific to say around that at the interim report stage of phase one," she stated.

Speaking to Pensions Age, Reynolds confirmed that this work is still ongoing, with some news on that expected "in the coming months".

The former government’s plans to establish a PSC received a divided reception, with particular concerns raised around the potential impact of a PSC on the commercial settlement market.

Whilst the PSC was omitted from the Pension Schemes Bill, industry experts at the time suggested that it may be that the necessary legislation for the PPF as a public sector consolidator was not prepared in time, rather than the government has dropped the idea.

And Reynolds has since confirmed that the government could still add further reforms to the Pension Schemes Bill in future, explaining that “that was always the plan”.

Speaking to Pensions Age, Reynolds also confirmed that the government is still looking to address issues around anti-scam pension transfer regulations.

The former government had announced plans to work with The Pensions Regulator (TPR) and industry on potential changes to improve the pension transfer experience, without undermining the policy intent, after its review found issues around the application of the regulations.

The minister confirmed that this work is still ongoing, with further updates expected “in the coming months”.

“We've got to make sure we get the balance right here, and so we're looking at it very, very carefully,” she said.

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