The government has yet to develop a grand vision for pensions and should be prepared to resort to compulsion if auto-enrolment fails, experts say.
Speaking at a panel discussion at the Professional Pensions Show, Barnett Waddingham consultant Malcolm McLean said the government must make contingency plans in case auto-enrolment fails. "The next step is full-scale compulsion, which is not that radical," said McLean, pictured. "We already have a form of compulsion in National Insurance contributions." McLean predicted full-scale compulsion could be in place within five years if auto-enrolment does not deliver as expected. Barnett Waddingham senior partner Adrian Waddingham said progress on pension reform has been "infuriating...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes