10 02, 2014

Savers begin to push retirement funds in a new direction

2014-02-10T22:08:28-08:00February 10th, 2014|Categories: Retirement|Tags: , , , , |

Most modern pension schemes in the UK are not, according to the strict definition of the term, pension schemes at all. Companies typically run defined-contribution pension plans for their staff, which, unlike their elder final-salary or defined-benefit cousins, do not actually pay out any pensions. Instead, workers contribute to an investment fund throughout their career and, upon retirement, this pays out a pot of savings. The workplace pension plan then waves goodbye to the individual, who takes his pot [...]

3 02, 2014

Defined contribution fails the test of time

2014-02-03T21:47:17-08:00February 3rd, 2014|Categories: Retirement|Tags: , |

Retired actuary Donald Fabian’s criticism of the financial services industry for making executives and intermediaries wealthy at the expense of ordinary people should not be brushed aside lightly. He worked in the industry for 40 years, including a lengthy stint in South Africa, and was known by many as the doyen of actuaries in the 1970s and 1980s. In a rare article in 2003, Mr Fabian did not mince his words when he said he had problems with some [...]

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