UK - Most final salary and money purchase scheme members fear they will not have enough money when they retire, research by Gissings reveals.
The consultant found that 79% of all respondents – from defined benefit, defined contribution, hybrid and group personal pensions – were either “very concerned” or “somewhat concerned” about their own scheme’s ability to deliver an adequate pension.
And 32% of all DB members surveyed doubted whether their scheme would be able to pay for their full retirement benefits.
Gissings also found that 61% of members and trustees were in favour of legislation to make employer contributions compulsory.
Director Rodney Jagelman said: “Even those who are currently members of good pension schemes may not always have been in a such an arrangement.
“They are perhaps beginning to realise their current employer or prospective employers may not be able to contribute as much to a pension as they would like.”
Of the 100 respondents, 46% were members of a DB scheme, 25% were in a group personal pension, 17% were DC scheme members, while the rest were either in a hybrid DB/DC arrangement or a stakeholder scheme.
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.