Current DB landscape 'not sustainable', Ros Altmann warns

In response to DWP green paper

Hannah Godfrey
clock • 2 min read

The current defined benefit (DB) pensions landscape is unsustainable and unaffordable, regardless of the views presented in the government's latest green paper, former pension minister Ros Altmann has warned.

In her response to the government's DB pension consultation Altmann (pictured) said affordability was a major obstacle to a workable DB environment in the UK. She contradicted the paper's claims there was no affordability problem for employers offering DB pensions. The Department for Work and Pensions (DWP) consultation on security and sustainability of DB pension schemes ended on 14 May. It set out to explore the key challenges facing DB schemes, including affordability of the schemes. The paper concluded: "We are not persuaded that there is a general ‘affordability' problem for t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

PA360: Crucial advisers can spot all vulnerability characteristics

PA360: Crucial advisers can spot all vulnerability characteristics

‘It is highly likely people in decumulation will have a vulnerability’

Hope Coumbe
clock 26 April 2024 • 1 min read
Inflation shocks driving another long uptick in annuity sales

Inflation shocks driving another long uptick in annuity sales

‘Customers should be careful that this is the right decision for them’

Hope Coumbe
clock 23 April 2024 • 1 min read
Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read