UK - The DC solutions market should prepare for a major shake-up this year, according to Hewitt Bacon & Woodrow.
Principal consultant Lee Jagger said traditional providers are ready to pull out of the DC market and refocus resources on other business areas, including merger activity.
Mercer Human Resource Consulting European agreed the market has dried up for tailored solutions and fund managers are about to take advantage of this trend.
Partner Kevin Stratford said: “Fund managers that have recognised the potential of bundled services have come into the market to pick up this type of business.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.