UK - The National Consumer Council is calling on the government to decide whether employers, the government or individuals should shoulder retirement risk.
The NCC says that people who do not fully understand pension risk are being forced to play “retirement roulette”.
NCC chairwoman Deirdre Hutton said consumers were only “dimly aware” that the closure of DB schemes and changes to state pension provision meant that they now shoulder a lot more of the risk for their own retirement provision.
She added that firms looking to close DB schemes must communicate more openly with employees, explaining what the closure will mean to retirement plans.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.