In March 2016, David Blake, Director of the Pensions Institute (United Kingdom), published the report “We need a national narrative building a consensus around retirement income”

The study reveals the recommendations of a consultation carried out among participants of the industry in the United Kingdom, to determine what a good Defined Contribution (DC) program would be. The recommendations indicate that an ideal, or benchmark DC system must, among other things: (i) Provide adequate and sustainable pensions; (ii) Produce stable and predictable income, even if this income cannot be guaranteed (unless the purchase of a life annuity is allowed); (iii) Offer flexibility to purchase a life annuity at any time (or at predetermined regular intervals); (iv) Offer members flexibility to withdraw part of their funds when they engage in specific types of expenditure.

To review the report, please download it here.