Protecting savers and supporting innovation are central to our work. In line with this, we are working closely with providers in the market to explore alternative defined benefit (DB) scheme funding arrangements that are emerging.
It is inescapable that pensions are at a moment of significant change.
We are in effect straddling two worlds, gradually moving from one to the other.
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Nobel Prize-winning economist William Sharpe once described accessing pension savings as the “nastiest, hardest problem in finance”.
Indeed, converting pensions into retirement income requires savers to make complex decisions, and the associated risks rest with them – not their pension scheme nor their employer.
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