Commenting on today’s announcement that the Government are launching a consultation into pension "superfunds" which could give savers more secure retirement incomes, Steve Webb, Director of Policy at Royal London said:
“The UK is unusual in having large numbers of small company pension funds, some of which may struggle to meet their pension promises. Combining schemes into a much smaller number of superfunds could make the process much more efficient and improve the chance that pensions will actually be paid. Whilst the government needs to make sure that such schemes are well run and well overseen, they offer a game-changing opportunity to improve the security of people’s pensions and should be encouraged”.
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About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.