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ARTICLE · 14 OCTOBER 2024

Reimagining Pensions In The UK

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The article argues that UK defined contribution (DC) pensions are unsustainable, offering poor retirement outcomes. It calls for reform through enhanced investment strategies, expert guidance, and alternative pension models. Employers and the government must innovate now to prevent a retirement crisis.

United KingdomEmployment and HR
Rash Bhabra
Rash Bhabra

UK pensions are unsustainable in their present state. They need to be reimagined.

UK pensions are unsustainable in their present state. They need to be reimagined. The vast majority of today's pension savers do so through defined contribution (DC) vehicles. However, DC, in its current form, does not provide an adequate income in retirement for most savers. This is not simply because contribution rates are too low. The problem runs deeper than that.

Fundamentally, DC is broken

DC is broken because it leads to poor retirement outcomes. It's broken because individuals do not have the tools and resources to navigate very complex decisions. And it's broken because it just doesn't work beyond the point of retirement.

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