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."
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.