Pensions minister Steve Webb has revealed the government will consult this year on how to create a "third option" for pensions beyond defined benefit (DB) and defined contribution (DC) structures.
Webb, speaking at the National Association of Pension Funds (NAPF) chairman's dinner yesterday, said the consultation will explore how workplace pension structures can be "reinvigorated" to improve pensioner incomes. The announcement comes after the Pensions Regulator (TPR) produced in December a six-point plan for improving DC pensions. There have also been calls for the government to cap charges levied on DC pensions used for auto-enrolment to protect the savings of members. "As more and more final salary pension schemes close their doors, we need to have a frank and open debate ...
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