Research and analysis

Defined Ambition pensions: summary of evidence

This research brings together new and existing material about a new category of risk sharing pensions called Defined Ambition.

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

Documents

Defined ambition: consumer evidence summary

Ref: Ad hoc report 5

PDF, 243 KB, 40 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email [email protected]. Please tell us what format you need. It will help us if you say what assistive technology you use.

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 report brings together a range of existing and new material relevant to the aims and objectives of DA.

It explores what demand there may be for different types of risk sharing pensions and for different types of guarantees in pension schemes. It does not include detailed explanations of how DA pensions may work in practice.

We have also commissioned independent research about consumers’ views of 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