The government needs to take "decisive action" and make provision for collective defined contribution (CDC) schemes, the shadow pensions minister has argued.
These schemes, also known as ‘defined ambition', share risks collectively among members and would secure better retirement funds "for hundreds of thousands of ordinary working people", Alex Cunningham...
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.