Video tutorial: What does an effective DC scheme look like?

Increasing numbers of employees are now relying on defined contribution pensions for their retirement savings, so making sure your workplace scheme is fit for purpose is vital, according to Gavin Zaprzala-Banks, principal of Punter Southall Aspire.

Watch Gavin Zaprzala-Banks’ ‘What does an effective DC scheme look like’ in full.

Speaking at the REBA Reward Leaders' Forum, Zaprzala-Banks said employers need to improve what’s in place already. “We need to do more. The sands beneath us are always changing which makes it difficult to know what we should be doing and for whom,” he said.

“Everyone is different so you can’t have a one size fits all strategy. You need to make them as efficient as possible,” he said.

He stressed the importance of ensuring members understand the need to pay into their pension for as long as possible and to pay more in where they can. “These are the conversations we have to have because at the moment there is in the UK a frighteningly massive disconnect between what people expect from their pension scheme and what it’s actually going to deliver,” he said.  

He encouraged businesses to take step changes in what they are doing to improve the effectiveness of their DC schemes.

This video tutorial was filmed at the REBA Reward Leaders' Forum which took place on 27 April 2017.

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