COMPANIES spend too much time on defined benefit (DB) schemes compared to defined contribution (DC) schemes according to Calor Gas finance director Adam Thompson.
Speaking at a Barnett Waddingham roundtable, Thompson drew attention to the discrepancy, Professional Pensions reports.
He said: “DB gets so much more focus than DC. Now I do care about the 230 active staff in the DB scheme but I have got another 1000 or so who are in the DC scheme.
“They get such a small part of my time versus the DB scheme because of this statutory requirement to do a triennial valuation every three year. All that stuff which goes with that is the reality,” he said.
He added: “I was a dinner not that long ago and some finance director quoted that 40-50% of his time was spent purely on pensions and almost all of that was on a DB scheme.”