Abstract
This paper looks at emerging ideas underlying new ‘middle ground’ pension plan benefit designs. Such designs sit on the risk-sharing spectrum between the extremes of final salary and defined contribution. In particular, this paper introduces the concept of a targeted retirement account (TRAC) and examines how this type of design might overcome some of the problems of traditional final salary or defined contribution arrangements. It also looks at the role of member communications in explaining, and improving employee appreciation of, pension arrangements. It considers latest trends in the communication of pension benefits, drawing on lessons from the field of behavioural finance, which can help employees make better decisions about their pension savings.
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