The Government Actuary’s Department (GAD) has set up a public sector defined contribution (PSDC) pension scheme working group.

Membership of the PSDC working group is open to all public sector organisations with an existing or potential interest in DC pension sections or schemes.

The group is aiming to connect colleagues across the public sector to share knowledge, review approaches, foster understanding of the challenges, and promote good practice for analysis and resilience solutions related to public sector DC schemes.

GAD argued that this will improve governance of these schemes to support better outcomes for members and value for money from public sector pension contributions.

The first meeting of the PSDC working group, chaired by GAD, has already been held, and discussed the annual review of Civil Service DC pension arrangements carried out by GAD for the Cabinet Office, and a summary of key DC topics in the Pension Schemes Bill.

Its attendees included several government departments, such as the Department for Work and Pensions, HM Treasury, and the Cabinet Office, alongside Nest, Great British Energy, and the Scottish Public Pensions Agency, among others.

The PSDC working group will meet quarterly to discuss topics related to DC risks and opportunities, reflecting issues raised by group members.

PSDC working group lead, Darren Kidd, commented: “We support policy makers and operational teams with actuarial analysis and advice, helping to ensure DC pension provision is value for money, secure, and supports members as they plan for and move into retirement.”

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