Pension saving 'may become compulsory' if AE fails

clock

Pension saving may be made compulsory if auto-enrolment fails to create a savings culture, a report by an influential think tank is said to argue next month.

The Centre for Policy Studies is expected to argue that the pension industry is in "the last-chance saloon" of public opinion. The Independent said sources had indicated to it that early drafts of the report suggest the state may have to intervene if pension fund administrators cannot achieve a "transformational" change in people's attitudes to saving for their old age. Report author Michael Johnson has set five years as the deadline for an overhaul of the industry, which will coincide with a review into the effectiveness of automatic enrolment.

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

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Joint administrators begin transfer process for Hartley SIPP clients

Joint administrators begin transfer process for Hartley SIPP clients

Comes after the SIPP operator was declared in default by FSCS

Isabel Baxter
clock 05 April 2024 • 1 min read
HNWs not making the most out of increased pension allowance

HNWs not making the most out of increased pension allowance

Only a third have taken advantage of the new £60,000 limit

Isabel Baxter
clock 02 April 2024 • 2 min read
DB pensions industry 'working against' govt finance agenda

DB pensions industry 'working against' govt finance agenda

There is little incentive for schemes not to take risk off the table

Jonathan Stapleton
clock 20 October 2023 • 2 min read