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.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.