UK - Widespread support for compulsion will "melt away" once its practical effects become apparent, the Association of British Insurers claims.
An ABI report - Compulsory pensions; an analysis of public attitudes - warns that theoretical support from workers of its 400 member companies will disappear once a specific measure is implemented.
The ABI says that while 70% of workers backed compulsion, it found this support was ”heavily qualified” and dropped away if it involved a “trade-off” with wages or salary.
The ABI found that only one in four workers - about 6.5m people - supported compulsion that would affect their own current saving patterns.
ABI head of pensions and savings Joanne Segars said the argument for compulsion was not “black and white”.
She said: “Once people understand the implications of compulsion, and realise it has to be paid for and is not free money, the arguments become less clear cut. Any policy initiative to increase the current level of compulsion within our pensions system would have to be carefully researched.”
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