Consumers could opt-out for debts and deposits - Purnell

Speaking as the special guest of a roundtable with six financial intermediaries - hosted by IFAonline - Purnell suggested the government had opted for auto-enrolment, when personal accounts are introduced, over compulsion because there were groups of people who would be better off saving for other purposes or paying off credit card debt before saving for retirement. “We thought that there were some groups who at particular points in their lives would have legitimate reasons for not wanting to save,” says Purnell. “People paying off very high burdens of credit card debt, for example, might...