The results of the latest annual JPMorgan Fleming DC Industry Survey were put in additional context ...
The results of the latest annual JPMorgan Fleming DC Industry Survey were put in additional context today by NAPF chief executive Christine Farnish.
JPMF found that 84% of DB schemes have no plans to offer DC alternatives, that nearly half of all private sector DB schemes are closed to new members, and that just 10% of all pension schemes belief the pensions Green Paper will encourage additional savings.
Speaking at the NAPF's Glasgow conference, Farnish said: "Today, I can't talk to anyone about my job without being bombarded with anxious questions about people's pension arrangements and whether they have confidence in them, whether it's worth saving at all, and what the future may hold."
"It's like being a doctor at a hypochondriac's convention."
"What is replacing final salary schemes? Merely DC pensions. This is not necessarily a problem, provided enough money is put into the pension pot. But NAPF surveys reveal that while 18% of wage bills on average are going into DB pensions, only 8% goes into DC plans."
JPMF relationship manager Karen Roberton adds that the government's moves to improve take-up of pension provision "do not seem to be making a major impact on UK pension schemes, and instead are being met with wide-scale scepticism in the pensions industry."
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