I know, yet another Gen, so what does this one mean? Gen DC covers X, Z and a few others, as it’s those who will retire without final salary pensions, which have been disappearing up their own deficits for many years now. Due in o large part, some might say, to continual tinkering by various Chancellors; but also, of course, because we’re living longer, and pensions funded to be paid for 10 or 15 years often now continue with index-linking, for 30 years or more. Gen DC will have to rely on ‘Defined Contribution’, rather than ‘Defined Denefit’ pensions. Most are not paying in nearly enough to give them the pension they might expect and the majority of employers will only pay in what they can get away with. Another problem to be kicked down the road by whoever’s in power, I suspect.
Although it’s still part of the language of working (or not working), I do think the concept of retirement will continue to evolve and quite likely dissipate in times still to come.