Pension schemes can be guaranteed to cause a deep yawn, if not escape into outright sleep. So the government has decided to pep up its grey vote with some exciting new pension proposals. Do collective defined-contribution pension schemes get you tingling? Me neither. But it’s important to understand them because they will affect the lives of millions of elderly people and are riddled with drawbacks and contradictions.

They are (presumably) the final element in the government’s pension package which has included several other significant changes. Continue reading →