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DC pensions overtake DB schemes

The number of people in defined contribution pension schemes has overtaken the number of those in private sector defined benefit schemes for the first time.

The Association of British Insurers surveyed 3,117 people aged over 18 in paid employment and found that 4.7 million people are saving in DC pensions compared to 3 million in a private sector DB scheme.

The survey also found that 7.9 million people are not saving anything for their retirement while 4.3 million are not saving enough.

Forty four per cent of people believe it is unlikely that the Government’s plans to introduce a new system of personal accounts and auto-enrolment will happen and only 30 per cent think it is likely they will do so.

ABI director of life and pensions Chris Kenny says: “These major pieces of research show that the broad direction of travel on pension reform is right. But there is still a long way to go both to encourage more saving and to get the details of Personal Accounts right. Over 12 million people are still not saving enough for their retirement, and many do not believe that the Government’s plans to increase saving will ever be enacted.

“In this context, it is even more vital that the Government takes action to ensure that existing private pension provision, which serves millions of people well, is allowed to prosper and grow.”


Pearl criticised over delays

Pearl Assurance has been accused of communication failures that could have led an adviser to give his client the wrong advice.CBK principal Peter Chadborn says despite repeated requests, Pearl initially provided only basic information on a client’s endowment policy and did not produce maturity projections until two months later.He says he would have originally advised […]


Henderson joins Pos Sol board

Mark Henderson has been promoted to the board of Positive Solutions as director of wealth management. Henderson joined Positive Solutions in 2001 as business development manager and was promoted to assistant director earlier this year. He has more than 20 years’ experience in the high net worth and ultra high net worth advice sector, having begun […]

Poor perception

The older you get, the more you reflect on life and events. Perhaps that is just the transition towards becoming the archetypal grumpy old man.

This week in Politics

The Treasury select committee¹s report into financial inclusion carried an important warning to the Treasury and FSA over the relationship between regulated financial advice and any potential generic advice network.

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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