Whose risk is it anyway?

The UK Pensions Commission has begun to outline its thinking on the future of private pension provision. But does its analysis of risk allocation in a pensions system ignore some key issues relating to the forced purchase of annuities?

As part of its review of the UK private pension system, the UK Pensions Commission has done an excellent job in making clear the nature of the pensions problem, gathering together useful data, and setting out the principle lines of argument that will provide the foundation for its final report. It has tried to be rigorous and open, and has challenged others to respond.

Earlier this year, the Commission's chairman, Adair Turner, set out his views on how risks should be shared within a pension