EUROPE - Alan Pickering, chairman of the European Federation of Retirement Provision (EFRP), has outlined his opposition to compulsory employer contributions within Europe's pensions markets.
“I don't believe in compulsion within the private sector,” Pickering said at the latest roundtable on international pensions law hosted by Global Pensions, IPN’s sister publication.
“I don't think that politicians should try and privatise social policy.”
He added: “I think that to compel people to save into market-related vehicles is politically dangerous ... there's no such thing as a free money-back guarantee.”
Pickering’s comments come at a time when the issue of compulsion is increasing in importance.
Pickering also went on to say that he is not in favour of funded state pensions systems, the likes of which Ireland and France have introduced.
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.