Going Dutch: the unveiling of collective pensions

The Queen’s Speech marks an important event in the political calendar, as it sets out the government’s agenda for the forthcoming parliamentary session. With a general election on the horizon, this year included a number of interesting announcements, most notably plans to allow workers to contribute to Dutch-styled collective pensions that would pool risk between members and potentially allow for more stability around pension outcomes in retirement. This follows on from a series of pension reforms announced by the chancellor in the Budget in March.

The intention is that these collective pensions will provide more value to pensioners and to reduce the risks associated with individual pension schemes.

Under the new scheme, workers would be able to pay into funds with other members, which would pay an income on retirement. This collective fund would then be invested in the normal way. These schemes already operate in the Netherlands and Scandinavia. The legislation in the UK would contain a number of measures relating to the valuation and reporting requirements for these collective schemes…

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