Why 'collective pensions' just won't work

As if pensions weren't going through enough upheaval at the moment, the government has introduced its plans for 'collective defined contribution' (CDC) workplace schemes.

For those who aren't in the know, CDCs are a mid-point between defined benefits (DB) scheme (where pension income is the responsibility of the employer and based on a multiple of final salary and number of years worked) and defined contribution (DC) schemes (where income is the responsibility of the employee and based on how much you save and how well the stockmarket does).