JP Morgan launches DC business

JP Morgan Asset Management has launched a dedicated defined contribution (DC) pension business for the UK market.

UK SmartRetirement offers a range of target date funds, which take into consideration member behaviour analysis and long-term market assumptions, to create default investment funds that comprise different investment types.

Simon Chinnery (pictured), head of UK DC, said: “With DC assets set to overtake final salary pensions by 2020, organisations are increasingly focusing on finding suitable investment options for their default fund.

“HR professionals are now focused on what will happen if their employees haven’t saved enough and can’t afford to retire, and the consequences of that for the business.

“The key for us is to change the mindset that the size of the pot is the priority and instead focus on what level of income replacement is needed to help as many members as possible retire.”