A "collective delusion" is causing the financial planning sector to believe it could comfortably adapt from defined benefit (DB) to defined contribution (DC) schemes, according to Lucian Camp.
Speaking at Momentum UK's Financial Wellness Roundtable, and flanked by other industry figures such as Pensions Administration Standards Association chair Margaret Snowden and Unbiased founder Karen Barrett, the consultant said it was as if clients had gone from "buying package holidays to having to design and build the planes to take them there". Following the introduction of pension freedom two years ago and multiple signs DB schemes would continue to muddle along over the coming years, more savers have been transferring away from final salary schemes and into DC pensions. Camp said...
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