CEPR supports compulsory personal accounts

In the eighth Geneva report on the world economy, the Centre for Economic Policy Research (CEPR) and the International Center for Monetary and Banking Studies (ICMB) argue for a system which is similar to the design for personal accounts, except with full compulsion instead of auto-enrolment. The report says it welcomes the way in which defined benefit schemes (DB) are being replaced by defined contribution (DC) schemes, as this allows members to share the risks among themselves and the capital markets rather than on the employers. It also criticises the use of liability driven investme...