In fewer than eight years there will be just one million defined benefit savers in the UK, while defined contribution schemes will cover 16 million workers, the Pensions Policy Institute predicts.
This shift in the structure of UK pensions by 2020 comes as the decline of DB provision accelerates, with just 16% of DB schemes still open to new members this year. The PPI said the introduction of...
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.