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Altmann: "Trying to turn private sector employers into annuity providers is unlikely to deliver good value."
With a total market value of over £2trn, defined benefit (DB) pensions are an enormous financial resource, says Baroness Ros Altmann. But quantitative easing (QE) has caused significant damage to pension funding.
Lower long-term bond yields have caused a dramatic rise in the costs of long-term pension promises and increased scheme deficits. Over 70% of employer DB contributions were deficit recovery contributions...
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