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DC Thoughts and Opinions

Press Cuttings

Click on a link below to view our recent press commentary about DC Pensions.

Financial Times “UK workplace pension funds accused of poor disclosure”

Financial Times “Huge variations’ in company pension default funds”

Pensions Expert “How are target date funds innovating?”

IPE “Politicians issue fresh call for secondary annuities market”

Actuarial Post “Target cost of living rather than pension pot size”

Pensions Expert “MPs launch inquiry into CDC”

Corporate Adviser “Collective DC no silver bullet – PMI survey”

IPE “Report outlines the pros and cons of collective DC”

Financial Times “Too much investor cash is being leaked away”

Pensions Expert “Liquid alternatives: How diversified is your DC default?”

Consultation Responses

We fight for a fair and robust financial system that benefits all stakeholders.  One way of doing this is by sharing our views and suggestions in response to consultations, relating to proposed regulatory changes as well as industry policy.

We have set out some of these consultation responses below.

PLSA: Hitting the Target

The Pension and Lifetime Savings Association (PLSA) consulted on developing a set of ‘national retirement income targets’ to help individuals plan for retirement.  You can read Cardano’s response to the consultation, including our proposal that expenditure targets are more relevant than income targets.  Pension saving should help people meet their costs of living in retirement.

FCA: Transaction cost disclosure in workplace pensions (CP16/30)

The Financial Conduct Authority (FCA) proposed rules and guidance to improve the disclosure of transaction costs in workplace pensions.  Cardano suggested, in our response to the consultation on these proposed rules and guidance, that reporting of costs should be standardised in order to support consistency of disclosure.

DWP: Automatic Enrolment Review 2017

The Department for Work and Pensions (DWP) held the first of its triennial reviews of Automatic Enrolment.  Cardano highlighted the fall in the purchasing power of contributions in our submission to the Review.

FCA: Retirement Outcomes Review Interim Report

The FCA proposed potential remedies for the retirement income market, in light of emerging behaviour following the introduction of ‘freedom and choice’. Cardano’s proposed measures to support retiring savers are set out in our response to the FCA.

W&PC: Collective defined contribution pension schemes inquiry

Parliament’s Work & Pensions Committee (W&PC) held an inquiry about the potential benefits of collective defined contribution (CDC) schemes.  Cardano is familiar with CDC schemes from our work in the Netherlands and shared our experiences in our response.

If the W&PC’s objective is to identify effective ways of delivering an index-linked pension for life, the existing defined contribution environment in the UK can already support this objective.  There is no need to create another pension type, further complicating an already complex landscape.