EUROPE - Defined contribution (DC) pension schemes offer the most appropriate means to create a single European market in pensions, according to a report from the European Fund and Asset Management Association (EFAMA)
Mathias Bauer, president, EFAMA, said: "We urge the European Commission to develop an appropriate regulatory framework that could support the creation of DC-type pension products, fully portable and mutually recognised within the European Union."
EFAMA also said DC schemes were often maligned, with risks overstated and advantages downplayed, to the detriment of public appreciation of DC schemes.
It highlighted the potential for investment underperformance should participants chose low-risk or risk-mitigation investment strategies and called for the safeguarding of plan assets in the best interests of members.
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The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
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