Fears collective pension schemes will lead to poorer retirement for millions

Experts say ‘collective defined contribution' schemes will not qualify for the reforms introduced by George Osborne that allow pension holders to use their funds as a ‘cash machine', the Daily Mail reports. They were described as ‘unfair and inflexible' and it was said that they could lead to a poorer retirement for millions. Legislation for CDC schemes is expected to be revealed in tomorrow's Queen's Speech. But Tom McPhail, head of pensions research at the advisers Hargreaves Lansdown, was among those warning that workers may not be able to benefit from the freedoms introduced in...