How 'Save More Tomorrow' programmes work

The concept of 'Save More Tomorrow', also known as 'SMarT', to which Royal London director of policy Steve Webb referred in his speech to the CISI Financial Planning Annual Conference, is not new - but is one that has not caught on in many UK occupational schemes. The scheme - designed by Richard Thaler, professor of behavioural science at the University of Chicago Booth School of Business, and Shlomo Benartzi, a professor at the UCLA Anderson School of Management - allows workers to allocate a portion of future salary increases towards their retirement savings. An employee, therefore...