Pension experts attack 'deceptive' auto-enrolment policy

Speaking at Pensions and Benefits UK

clock • 1 min read

Pension experts have attacked auto-enrolment as "a glorified ISA" and a "pointless scheme", warning savers will never get a decent retirement pot due to low contribution rates.

Speaking during the Pension Prophets panel at Pensions and Benefits UK 2016 on 28 June, they warned the policy was likely to disappoint auto-enrolled savers. Independent Trustee Services Limited director Peter Askins said auto-enrolment was a "policy too far". He told delegates: "Auto-enrolment can never be meaningful. Whether it is 1%, 2% or 3%, it [the contribution] is never a meaningful amount. 8% is not a meaningful amount. "I think it's cruel and a deception to say to people they are going to get a pension from auto-enrolment over the next ten years. No, they're not; they're g...

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