TUC welcomes Steve Webb backing for collective DC

date: 27 January 2014

embargo: For immediate release

TUC welcomes Steve Webb 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.”

NOTES TO EDITORS:

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Contacts:

Media enquiries:
Liz Chinchen   T: 020 7467 1248    M: 07778 158175    E: media@tuc.org.uk
Rob Holdsworth    T: 020 7467 1372    M: 07717 531150     E: rholdsworth@tuc.org.uk
Elly Gibson   T: 020 7467 1337    M: 07900 910624     E: egibson@tuc.org.uk