Personal accounts will 'privatise welfare'

Speaking at the Pensions Management Institute’s (PMI) autumn conference in London, Bee, head of pensions strategy at Royal London, was discussing whether the future of pensions was ‘bleak or bright’. And Bee suggested the future will see a completely different marketplace, where the collapse of the Defined Benefit (DB) sector will drive a new form of pension saving which will consist of Defined Contribution (DC) schemes and maybe self-invested personal pensions (Sipps). But he warns: “The era we’re heading into has nothing to do with people voluntarily putting money into pensions, and e...