Financial sector 'deluded' to think DB-DC switch would be comfortable - Lucian Camp

At Momentum UK roundtable

Tom Ellis
clock • 1 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pensions consultancy calls for 'fairer' Financial Ombudsman Service

Pensions consultancy calls for 'fairer' Financial Ombudsman Service

First Actuarial says pension redress sitting at ‘historic low’

Holly Roach
clock 04 April 2025 • 1 min read
FCA outlines thinking on using pension pots for house deposits

FCA outlines thinking on using pension pots for house deposits

FCA CEO Nikhil Rathi ponders radical thinking on pension savings

Jonathan Stapleton
clock 02 April 2025 • 3 min read
IFS: Growing DC market needs reform to help savers manage risks

IFS: Growing DC market needs reform to help savers manage risks

Savers facing ‘stark’ challenges managing DC pots in retirement

Martin Richmond
clock 02 April 2025 • 6 min read