Cuts in future annuity rates due to the adoption of the Solvency II rules for insurers would put further strain on defined contribution scheme members, Aon Consulting says.
The warning comes after French insurer Axa told pension savers UK retirement incomes from annuities had been too generous in the past and would be cut once the new European Solvency II rules for insurers...
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.