Warning of future shock in defined benefit pensions

Workers under 45 who contribute to a defined benefit pension scheme could be left with nothing by the time they retire, according to a pensions expert.

Clear Financial’s Micheal Bradley said a number of defined benefit pension schemes are likely to be declared insolvent.

Mr Bradley warned that, due to the structure of these schemes, employees could be left with no money in their funds when they come to retire as those who have retired before them may have drained the pension pot dry.