UK pensions are undergoing a revolution. Part of this revolution is the genesis of a new class of occupation pension scheme to occupy a middle ground between Defined Contribution and Defined Benefit. The new approach, Defined Ambition (DA), explicitly envisages some degree of hard guarantee being provided to members, which could help demonstrate the value of pension provision, improve engagement and encourage persistent savings habits. The goals, challenges, risks and opportunities related to DA resonate broadly across the insured pensions market.
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