Pensions - Articles - TUC welcomes government backing for collective DC

 The TUC has welcomed Steve Webb’s support for collective DC schemes.

 TUC General Secretary Frances O’Grady said:

 “We welcome Steve Webb’s support for collective defined contribution pensions. Of course it is important to get the details right, but sharing risk among members can increase returns and smooth outcomes.

 “But such schemes can only be run by trust based organisations who only work for their members and face no conflict of interest with shareholders. The minister should stand up to the vested interests who will attack this approach and work with the many who want to work through the detail.”