First published in Pensions World on 25 April 2016
Once upon a time, not that long ago, there was a faraway place where 45,000 small defined contribution (DC) schemes wandered the prairies of the pension world, wild and untamed. They were little beasts, stunted and slow, but in their plodding way they did what they needed to do. Then – and nobody is quite sure why – there was a giant extinction. In place of the small DC schemes there emerged new beasts of the pension world, great beasts: the master trusts. They were big (some huge), they were efficient and they were slick.
Hmmm. Well, almost.
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