SalvorHardin wrote:tjh290633 wrote:Wasn't it reform by Labour that led to the current pensions regime, and the decline of defined benefit schemes?
The big damage was done by the Pensions Act 1995, passed by the Conservatives in response to several major pension scheme frauds (e.g. Maxwell). Things such as restricting self-investment, improving administration and making sure that companies paid into the scheme on time (holding back contributions to help with cashflow was popular).....
I goes back even further than that.
.[i]The 1986 Financial Services Act introduced personal pensions, made changes to contracting out and stopped employers forcing employees to join an occupational pension scheme[/i]
https://www.professionalpensions.com/fe ... d-pensions
I suspect that these changes kick-started the gradual demise of final salary schemes. I note that auto-enrolment was reintroduced about 30years later.
Not everybody is equipped to make sensible financial choices.