The coronavirus outbreak is not stopping experts from attempting to crack the problem of defined contribution plan participants having enough income in retirement case for participants enrolled in defined contribution plans.
Gregg McClymont, former U.K. shadow pensions minister and director of policy and external affairs at the People's Pension, the £9.7 billion ($11.3 billion) defined contribution multiemployer plan in West Sussex, England, sponsored by B&CE, has just co-edited a book on retirement systems around the world.
"Towards a New Pensions Settlement. The International Experience. Volume III," which can be downloaded from the website of think tank Policy Network, examines international perspectives on a successful workplace plan design and regulatory frameworks that support it.
Mr. McClymont — along with his co-editors Tim Gosling, head of pensions policy at the People's Pension, and Andy Tarrant, who is an independent public policy adviser at the Tony Blair Institute for Global Change and Mr. Gosling's predecessor — tackles the challenge of delivering sufficient retirement income to workers. Retirement experts, including Keith Ambachtsheer, director emeritus of the International Centre for Pension Management, contributed to the book, the third volume in a series that outlines strengths and weaknesses of global retirement systems.
The first and the second volume of the book were released in 2016 and 2018, respectively.
The third volume, published by Rowman & Littlefield International Ltd., focuses on early adopters of defined contribution systems in Canada, Chile, Denmark, France, Germany, Greece, Indonesia, Switzerland and the U.K.
"Volume three of this book, written by pensions experts around the world, carries on where the first two left off and looks at the strengths and weaknesses of global pensions systems, from the perspective of securing good outcomes for those who are not wealthy," Mr. McClymont said in an email.
U.K. legislation in 2015 that removed the requirement to purchase annuities brought the country away from the European retirement fund model, where stable retirement income is the goal, Mr. McClymont added.