Adair: Pensions Crisis End in Sight Tough Decisions On Compulsory Schemes Lie Ahead, Warns Commission Chief

Summary

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PENSION policymakers have been living in a fool's paradise for the past two decades, according to the chairman of the Pensions Commission, Adair Turner.

He believes traditional defined benefit (DB) schemes suffered death by one thousand costs as administrators overestimated their resilience in the bull market of the 1980s and 1990s.

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Extract

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Adair: Pensions Crisis End in Sight Tough Decisions On Compulsory Schemes Lie Ahead, Warns Commission Chief

Speaking ahead of a visit to Edinburgh this week, Turner said: "Almost everybody involved was living in a fool's paradise. We believed that equity returns were making all this stuff costlessly affordable and in the late 1990s business wo...

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