DC schemes lost 10% in February

The fall - equivalent to 10% of the value of DC plans - saw assets slump from £410bn at the end of January to £368bn. The consultant says DC schemes have lost a third of their value, or £182bn, since the credit crunch hit in September 2007, which has had severe repercussions for savers and those approaching retirement. Aon Consulting principal Helen Dowsey says the "double whammy" of equity declines and falling annuity rates had hit DC scheme members "hard". For example, a 60-year-old contributing 10% of a £25,000 salary would have seen their expected annuity income fall from more tha...