Chemimir said: “People in a DC (defined contribution) scheme have to take the risk on how long they will live, which never happens to DB members.”
“In DC there are so many choices it has become confusing, CDC will have to play a part with individuals who want some flexibility and some longevity risk.”
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Julian Barker agreed: “The system now isn’t ideal but people have more choice and we need to build the systems to help people navigate that.”
He added: “I don’t believe we would go back to a world of [just] annuities.”
Samantha Downes is a freelance financial reporter
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