Correspondence: John Wilson, HSBC Actuaries and Consultants Ltd., Spectrum House, 2 Powderhall Road, Edinburgh EH7 4GB, UK. E-mail: john.w.wilson@hsbc.com

¹is Head of Research at HSBC Actuaries and Consultants (HACL). He has over 22 years pensions industry experience and is also an associate of the Chartered Insurance and Pensions Management Institutes, as well as a law graduate. He joined HACL in 1999 and heads the research team responsible for ensuring that the company and its clients keep up to date with all developments in pension law and practice. He writes and speaks widely on pension matters and is the immediate past Chairman and a current member of the Society of Pensions Consultants Legislation Committee.

Received 9 September 2008.

Abstract

In the context of the defined benefit to defined contribution trend, this paper considers the possible consequences of transferring pension risks from employer to employee. It also questions whether the current trend is terminal or whether there might be a 'third way' for the future of pension provision in the UK. The paper does this by surveying the people that matter the most when it comes to scheme design — sponsoring employers. Finally, on the assumption that there may indeed be a third way for pensions, the paper looks at some of the options, including those just put forward in a government consultation paper.