Editorial: Compulsive gambling on pensions

In a statement to an audience hosted by the ABI yesterday, work and pensions secretary Alan Johnson admitted in a question and answer session that the “opt-out” option for occupational pensions was preferable to the “opt-in” option. This, he said, “is government policy”. So, the cards have finally been laid on the table, and the responses are likely to be predictable. The CBI and IOD are likely to reiterate in stronger terms their arguments that compulsion does not work because it will force smaller employers to the wall as they cannot afford to pay contributions, thus actually con...