UK - There is "no room for error" in DC administration, DC Solutions head of business development Ian Buchan claims.
He likened the operation of DC schemes with building society accounts.
He said: “There is a common misconception that DC administration is simple, but the amount of people relying on DC scheme administration – ranging from finance directors to trustees – means it has a diversity of requirements.”
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.