Defined Contribution

Increased personalisation of communications is key to increasing member engagement according to Ferrier Pearce's Nigel Ferrier.

New standards of advice are needed to help scheme members navigate the increasingly complicated retirement income market.

Maximising DC

The Associated British Foods Pension Scheme will offer flexible target date funds as its default following a review in preparation for auto-enrolment.

Consolidating pension pots through a pot follows member system is more cost effective for than alternative forms of accumulation, Department for Work and Pensions statistics show.

More than half a million low-paid workers could lose out on thousands of pounds in employer pension contributions if the government increases the auto-enrolment earnings trigger, unions have claimed.

The defined contribution market is "dysfunctional" and marked by "disingenuous" fund charges which halve the retirement income of members in low-cost schemes, the Pensions Institute says.

Mercer, Aon and Blackrock must compensate a scheme member whose fund was depleted when invested incorrectly following an enhanced transfer exercise.

Conventional annuity rates have dropped 7% since June and enhanced rates have fallen 5% in the same period, according to analysis from provider MGM Advantage.

Premier has appointed Rob Cooper as senior sales consultant.