Jeremy Cooper, author of Australia's Cooper review on superannuation, talks about his vision behind a lower-cost, more efficient pension system. He talks about the failure of traditional drivers of competition to lower prices in the financial services industry, and the obligation a compulsory system has to the state to be efficient.
For countries looking follow in Australia's steps to institute auto-enrolment, he said the success of such a scheme is down to luck and timing, and given the current economic conditions, now may not be the best time to embark auto-enrolment.
"You have to be a little bit bold, a little bit creative and you have to choose your timing, and maybe in the Northern Hemisphere right now might not be the perfect time," he said.
The UK has set out plans to launch auto-enrolment in 2012, but when asked whether the country should take a step back from its plans, he said: "No. I think that what NEST (National Employment Savings Trust) is doing has been a long time in gestation, it's been very carefully thought-through. That should absolutely happen."
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.