Defined contribution (DC) saving pots should not be referred to as pensions as they fail to meet the key definition, Pension Insurance Corporation (PIC) has said, suggesting alternatives such as ‘retirement funds’ or ‘later life savings’.
Research from the provider found that even those who work in pensions feel unhappiness and disappointment at DC pensions’ fundamental inability to provide them with certainty about their retirement.
In addition to this, the provider revealed that many focus group participants described feeling powerless over their retirement outcomes, because DC pensions do not deliver a predictable or guaranteed income.However, it argued that it is possible […]
Full Post at www.pensionsage.com