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.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point