The director of the Institute of Fiscal Studies has stated that ordinary people believe that they have better things to do than plan for their retirement. He has also said that the Government's ‘insistence of following a policy of more consumer choice on pensions was based on flawed economic theory’. The Government has said that it wants to give the general public the opportunity to take a proactive stance in their pension planning.
They believe that selecting how and where their pension savings are invested, and even who their provider is should achieve this.
Our view
It is all 'codswallop'. The only way the masses will save is if they are forced to do so. The only thing that saves most people from starvation in retirement is the State Pension.
How did they get a state pension? By forcing employers, employees and self employed to pay National Insurance contributions. Compulsory pensions are the only way forward.
Our view is the truth but too big a 'political pill' to swallow!