Pensions industry split over CDC schemes and Frank Field

A survey of professionals working in the pension industry - including actuaries, scheme managers, trustees and solicitors - has found around half of them trust the government to enable collective defined contribution (CDC) schemes to be established. A similar number believe the Chair of the House of Commons Work and Pensions Committee Frank Field is doing a good job.

The Pensions Buzz survey by Professional Pensions found 53% of respondents think Mr Field is good news for the pensions sector, with 30% disagreeing. Some said it was unusual for a politician to have his level of knowledge on pensions and others liked his willingness to ask such pertinent questions. Others were unhappy with his abrasive style, with one calling him a "schoolyard bully" and another "Britain's Trump for pensions".

A slightly lower proportion of respondents - 49% - said they expect the government to pass the necessary legislation to pave the way for CDC schemes; 28% said they did not. Both questions also saw 23% answering 'don't know'. Of the 49%, many said they were opposed to CDC, and 52% said if such schemes were introduced, only a few employers would wish to adopt them.