The other type – “defined contribution” (DC) pensions funds are what pretty much everyone in the UK (apart from Government workers) puts their money into for a future pension. For all but government employees (some 5.5 million), these salary-based pensions are almost all now unavailable and therefore the funds are closed to new members. Employers deem them too expensive, hence their closure.
There are now two types of pension fund in the UK – the large, legacy funds which support “defined benefit” (DB) pensions offered by UK employers over the past fifty years. The general public expect them to produce reliable high-value pensions for retirement, and the Government also expects them to support British industry and entrepreneurship, and more recently, the green energy transition.
Much is asked or expected of UK pension funds.
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