The Pensions and Lifetime Savings Association (PLSA) has commented on the release of the Pensions Institute’s report .
Joe Dabrowski, Head of Investment and Governance at the PLSA, said:
“We welcome the publication of this report which highlights the challenges that defined benefit (DB) pension schemes are facing and the need for less binary outcomes for pension scheme members. According to our own analysis, three million people have a 50:50 chance of seeing their DB benefits paid in full which is a real concern for the industry and Government. However, as the Pensions Institute report has highlighted, a significant proportion of members assume that “their scheme is guaranteed to deliver full benefits”.
“More work needs to be done to help sustain defined benefit schemes by helping them to run effectively or consolidate if they wish to. It is time for the industry to think outside the box and consider what outcomes will provide the greatest good for the greatest number.”
NOTES TO EDITORS:
ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
Lee Blackwell, Interim Head of Media & PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073 023, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007713, E: [email protected]