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By Marc Voncken, partner, Solvency II Leader and Christian Scharff, partner, HRS Leader at PwC Luxembourg
The death of defined benefit (DB) pension arrangements has become a global phenomenon with employers grappling with what to replace it with, according to new research from PwC , entitled Moving On: Global retirement benefits in a post-defined benefits world.
PwC surveyed 114 Fortune 500 global multinationals, which together employ 4.7 million people and have combined pension liabilities of $950billion, and found that only 6% wish to perpetuate DB arrangements, where the employer underwrites the costs and risks of providing workers with guaranteed pension incomes.
Nine in ten are actively deploying defined contribution (DC) as...
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