Deregulation is needed if defined benefit pension schemes are to survive, a survey by the National Association of Pension Funds suggests.
Schemes were asked what single governmental action would encourage DB plans in their current form. Responses showed 44pc wanted deregulation. A further 13pc called for a reduction in government intervention....
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.