Phil Farrell, Partner at Quantum Advisory, gives his thoughts on the Defined benefit ‘crisis’ and how, if anything, DB has got better…
Phil said: there is now “more planning, road mapping, strategizing and really thinking about what is to be achieved and how to get there.”
“Products are far better, solutions more innovative and importantly more accessible for schemes at the smaller end of the scale.
“Clearly there are still problems, with many hurdles to overcome and challenges to be addressed, but in the main we are in a better place with an ongoing desire for constant development and improvement, helping to address funding shortfalls. As an industry, we are practised at innovation driven by experience. The industry should work harder to eradicate the overly negative perception that surrounds DB pensions and better promote the positive progress made to date,” Farrell concluded.
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