And it's a bit "old news" by now, but still important to know about. Well, the United Kingdom, whose pension system, prior to 2016, was fairly similar to that of the U.S., implemented a variation of the "purpose-based retirement plan." No, I don't claim that their parliament reads obscure American blogs for reform ideas, but rather that this demonstrates that change is, in fact possible. As with the "purpose-based plan," there is a flat-dollar, or, rather, of course, flat-pound State Pension benefit, of, at present, about GBP 8,000 annually. But, just as in the United States, employers in the United Kingdom are closing their pension plans to new entrants, so that this prior system no longer worked.

Source: Forbes March 11, 2018 18:11 UTC