NCC calls for decision over risk responsibility
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.
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