Shadow pensions minister Gregg McClymont has questioned what the government's drive for ‘defined ambition' pensions "actually means".
Pensions minister Steve Webb has called for a “middle way” between defined benefit schemes where the employer takes on the risk and defined contribution schemes where the risk falls on individual members.
But when IFAonline's sister title Professional Pensions asked Webb’s Labour shadow what he thought of the term, McClymont replied: “What is it?”
He added: “It is clearly an attempt by the government to begin to focus on the consequences of moving towards DC but at this stage there is not much flesh on the bones.
“I am as keen as everybody else to hear what defined ambition actually means.”
A document on reinvigorating occupational pensions is set for release in the autumn, which will include measures on defined ambition.
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