About a year ago I was sat at a table listening as a financial adviser and a chap from NEST went toe-to-toe over the issue of compulsion when saving for retirement.
One of them (can’t remember which) believed individuals should be free to make up their own minds about when, or whether, to save. The other did not think it should be up to them, but mandatory. There is a case for both sides. It is well-documented that a significant number of today’s retirees have inadequate savings. With life expectancy continuing to increase, the state will have to stump up more to support them. But is compulsion a more satisfactory solution than education? Is compulsion even legal? This issue was raised again this week, this time over the issue of protection. ...
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