Research and analysis

Defined Ambition pensions: consumer perspectives

This research looks at consumers’ views of a new category of risk sharing pensions called Defined Ambition.

• From: Department for Work and Pensions
• Published: 26 June 2014

Documents

Defined Ambition: consumer perspectives

Ref: ISBN 978 1 910219 14 0, RR866

PDF, 997 KB, 84 pages

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Summary: Defined Ambition: consumer perspectives

PDF, 422 KB, 4 pages

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Details

Defined Ambition (DA) is a new category of risk sharing pensions that we want to introduce alongside existing Defined Benefit (DB) and Defined Contribution (DC) pensions. It is part of our plans to radically transform UK pensions. We want to encourage risk sharing to provide:

• more certainty and stability in pensions for individuals than DC pension schemes
• less variation in costs for employers than DB pension schemes

This research was commissioned to understand views about:

• risk and uncertainty in pension schemes
• reducing cost variations in DB schemes
• increasing certainty in DC schemes
• some examples of the types of certainty that could be feasible in potential DA schemes

Authors: Amy Ohta, Naomi Day and Andrew Thomas of TNS-BMRB.

We have also published a summary of new and existing material about Defined Ambition pensions.

Reshaping workplace pensions for future generations’ consultation

We considered these research findings in our response to the consultation about reshaping workplace pensions for future generations.

Published 26 June 2014