Collective pensions in the UK II: now is the time to act

Document type
Report
Author(s)
Pitt-Watson, David
Publisher
RSA
Date of publication
1 November 2013
Subject(s)
Poverty Alleviation Welfare Benefits and Financial Inclusion
Collection
Social welfare
Material type
Reports

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The RSA has campaigned for the past three years for the introduction of collective pensions in Britain. They provide better outcomes to savers, with higher and more predictable pensions. This paper offers a unique evaluation, supported by modelling by Aon Hewitt, showing how collective pensions would have performed over the past 57 years. It concludes that they would have:

  • Given a 33% better outcome as an individual pension
  • Would have given a more predictable pensions.

Others have joined the RSA in its call for collective pensions. They include the CBI, the TUC, the National Association of Pension Funds, and the Association of Member Nominated Trustees. The RSA believe this strong consensus between stakeholders gives a unique moment to introduce collective pensions in the UK. This report states that British people should be allowed to save for retirement through collective pensions, just like people in Holland, Denmark, parts of the United States, Canada and Sweden. This report sets out the case urging the government to legislate to make collective pensions possible in the UK within an appropriate regulatory framework.

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