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  • More generally the concept of a 25+ year period of retirement will in the future be seen as a historical anomaly, created by life expectancy increasing faster than policy and employment practices could keep up. Defined benefit pensions are just another example of the huge intergenerational wealth transfer that has gone on. But we digress.

  • There is nothing inherently wrong with defined benefit.

    There are defined benefit schemes out there that are paid for and don't relay on contributions today to pay for pensions today. They also shift the risk from an individual that probably knows nothing about investing to an organisation that is better placed to make good choices.

    They of course cost a lot (one estimate is 20% for 80ths) which is a lot more than most people save.

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