The traditionally slow-moving pensions industry is evolving at a rapid pace. There has been a seismic shift from defined benefit to defined contribution in the occupational sector; trust-based schemes are being consolidated; pension freedoms, widespread disruption from technology and new market entrants and sharpening member awareness are all transforming this industry.
Head of retirement strategy Jon Dean predicts that change will come primarily in the actuarial profession, as schemes help DC customers plan their retirement needs with stochastic forecasting, and to the self-employed, who will become more engaged in their pensions thanks to digital technologies.
