Contacted 500 DC schemes
‘Collective defined contribution’
Come into force on 6 April
Available to 80,000 employers
Annuities least trusted product
The UK pensions system remains relatively ungenerous and unequal compared to other countries, the Organisation for Economic Co-operation and Development (OECD) has said.
The Association of British Insurers (ABI) has said legislation will be required to ensure the pension dashboard has wide enough coverage so it can work for everyone.
Higher contributions needed
Impartial, expert advice 'vital' - Steve Webb
Supported by robo-advice
Four out of five DC contributors 'not saving enough'
DC savers 'contributing a third' of DB savers
Mere 7% gap between work and pension incomes
Aimed at DC pension schemes
It's not a legal obligation
Nine default funds from major providers examined
Aims to reduce time and cost
Time to put the DC house in order
Transfer service will capitalise on increase in demand
Acquisition will add £12bn assets
It was acceptable in the 80s
Solving the UK pensions crisis one step at a time
DB schemes take 'up to three months' to respond
Some providers that insist regulated advice be taken by customers seeking to transfer out of their pensions are unsure why they require it, research suggests.