Just small differences in approach to saving for retirement could cause people to lose huge portions of income, according to research by Royal London and Milliman.
The growing defined contribution (DC) environment has created ‘decision citizens' who have to make more choices about saving for retirement than their defined benefit (DB) counterparts, the report added....
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.