So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
Find whitepapers
New living pension standards needed to help low to middle earners, says report thecourier.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecourier.co.uk Daily Mail and Mail on Sunday newspapers.
Firms should hike their pension contribution rate to help low earners save enough to have a decent standard of life when they retire, a leading think-tank has suggested.
The Resolution Foundation has called for a living pension as it found that even a lifetime of minimum pension contributions under the auto-enrolment scheme will not be enough for an adequate retirement.
Moulded on the Living Wage campaign - which encourages companies to pay their staff wages which are based on living costs - a living pension would see firms help employees saving enough for retirement.
This would include firms setting clear minimum targets needed for a comfortable retirement as well as hiking their contributions.