While auto-enrolment (AE) has been a big success for retirement saving participation the issue of “double defaulters” who stay in their scheme at the lowest contribution rates is a problem that must be addressed by financial services professionals, experts have said.
Speaking at The Lang Cat Home Game 4 event today (3 October) Phoenix Group managing director, customer savings & investments Jenny Holt said addressing the issue was a "massive opportunity to help" people with complex decisions. She said: "AE has been a fantastic success but I think it is widely recognised that more needs to be done. People become double defaulters – they default into the pension, then default into contribution rates. "How do we help to equip those customers to make further decisions? How much to contribute? How to access their pots? "This a massive opportunity to ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
