Baroness Jeannie Drake has questioned whether placing more responsibility on individuals amounts to an efficient long-term savings policy.
Speaking on 4 October at a Pensions Net Work event on the future of pensions, Baroness Drake expressed concern that Freedom and Choice had been implemented without appropriate support structures.
"Even with auto-enrolment we have a massive deficit in terms of retirement income and then the implementation of Freedom and Choice took us off in a fundamentally different journey," she said. "It is also hard to see where things like the Lifetime ISA fits in with auto-enrolment and I do worry that we have gone ahead with Freedom and Choice without giving people the right support."
She added: "We need to look at what the consequences of individualism look like and ask ourselves if it is an efficient long-term savings policy."
However, she did not rule out the development of collective frameworks in the future, saying that "there is scope for more efficient risk sharing and I do think this will come but we are not there yet."
Earlier on in the day Institute of Fiscal Studies director Paul Johnson gave a presentation showing how people born in the 1980s would face major challenges in planning for retirement.
He pointed to the fact that those born in the 1980s were likely to earn less than those born earlier. They were also less likely to own their own homes or have any defined benefit pension provision.
"I think in terms of retirement income the next generation will look out for itself," he said. "What we need to worry about is the next three generations after that."
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