Pensions - Articles - Comment on the ONS report on funded pensions from 1957-2015


Commenting, on the latest ONS report that highlights a number of changes taking place in the pensions and insurance world in the UK,.Barnett Waddingham senior consultant Malcolm McLean, says:

 “This report confirms that the biggest change over the last few years is the establishment of Defined Contribution (DC) “master trusts”. It suggests that as more funds build up in DC master trusts in coming years, and as more and more Defined Benefit (DB) pension schemes in the private sector close to new members, there is likely to be a shift from DB to DC in overall pension provision. This could mean that people become more reliant on DC pensions and that the risks associated with pension saving for retirement shift from the providers (the principal risk-bearers for DB pensions) to households who assume most of the risk of DC pension saving.
 
 “This clearly requires a change of approach from Government and across the pensions industry. Auto-enrolment owes much of its success to inertia on the part of those enrolled into a workplace pension scheme. Greater attempts must be made from now on to promote a greater member understanding and engagement with pension arrangements, as well as the adequacy, or otherwise, of what their funds will secure for them in income terms in retirement.
 
 “At the present time millions of people are sleep-walking into a very insecure old-age and need to be helped and supported along the way.”
  

 To view the ONS report click here

Back to Index


Similar News to this Story

TPR extends its oversight to professional trustee firms
A framework for oversight of professional trustees (PTs) will be introduced by The Pensions Regulator (TPR) to protect savers. The PT market has exper
Facilitating DC pension fund investment into private capital
Leaders from the pensions and private capital industries have issued new recommendations on how to facilitate UK DC pensions to invest in private capi
Government plan to allow extraction of cash from pensions
Members of defined benefit (DB) pension schemes fear that Government plans to allow employers to “extract” cash from their schemes put their retiremen

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.