Gatemore's Mark Hodgson says the benefits of consolidators for weaker schemes are far from clear, and argues for a rethink of the framework on downgrading defined benefits.

From the blog: “Investment consultants have contributed to the poor performance of UK employer-backed pension funds by offering the same advice at the same time,” asserted a recent article in the Financial Times. And I could not agree more.

With more than 70 per cent of defined benefit pension assets in the UK advised by the three largest consultancies, the UK pensions market is a true oligopoly.

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