Christ!
Successive governments have been quick to remind us of the success of automatic enrolment in encouraging millions of individuals to save for a pension. Responding to the PLSA's Hitting the Target consultation today(?), PIMFA - the UK's leading Trade Association in the Wealth Management and Independent Financial Advice sector - warns government that ultimately automatic enrolment remains a policy based on participation, rather than adequacy of pension savings.
If the government is serious about ensuring the next generation of retirees have a good quality retirement to look forward to, action needs to be taken to not just encourage, but ensure that this will be the case. As a result, we are today calling for Government to increase minimum automatic enrolment contribution levels to 12% as well as provide a level of guarantee that the current pension tax incentive framework remains in place for the medium term at least.
Well ... where to start? Firstly, this government ain't serious about anything, man. 'And do they care about the next generation of retirees, boss?' Of course they don't, Voice! They only care about themselves. 'Yeah. Damn straight.' Secondly, there are bigger problems to deal with at the moment. 'Like Brexit!' Yes, like Brexit, but also Carillion. 'Oh, Jesus!' It's just gone into liquidation. Tens of thousands of jobs could be lost. So forget about pensions! These people will be lucky to get dole money, the way things are going. 'Ha! Someone in the government will soon accuse them of being scroungers, boss, you can be sure of that.' I know! That's what we're dealing with. / Anyway, Simon Harrington says, "I'm in heaven when you smile". 'Really?!' Ha! No.
Commenting on the response, PIMFA Senior Policy Adviser, Simon Harrington says: "Automatic enrolment remains the most successful policy intervention for long term savings in generations. However, we need to step back and assess what the policy actually does - this is a policy where success is measured by participation rather than adequacy of saving. As we reach the end of the staging profile next month, it is absolutely imperative that we shift the focus from getting to people to save more rather than save at all. It is not enough to hope that people will save more through voluntary means, all the evidence we have about consumer behaviour suggests that if the default doesn't change, nothing will change."
Christ, Simon! People can't afford to save more, son! They can't afford to eat! 'Has this guy heard of food banks, boss?' I don't know, Voice. I really don't know. I know the whole country is screwed. I know that. And I know that certain lunatics want to make everything worse by forcing us all to jump off a fucking cliff edge.
...
Anything else? No, there's nothing else, dear reader(s). I mean, what else do you want?! 'A conceptual, Mikey.' That will come later, man. 'When?!' Eh? You know when. Later. Normal time. What's your problem?
Right. Laters.
Successive governments have been quick to remind us of the success of automatic enrolment in encouraging millions of individuals to save for a pension. Responding to the PLSA's Hitting the Target consultation today(?), PIMFA - the UK's leading Trade Association in the Wealth Management and Independent Financial Advice sector - warns government that ultimately automatic enrolment remains a policy based on participation, rather than adequacy of pension savings.
If the government is serious about ensuring the next generation of retirees have a good quality retirement to look forward to, action needs to be taken to not just encourage, but ensure that this will be the case. As a result, we are today calling for Government to increase minimum automatic enrolment contribution levels to 12% as well as provide a level of guarantee that the current pension tax incentive framework remains in place for the medium term at least.
Well ... where to start? Firstly, this government ain't serious about anything, man. 'And do they care about the next generation of retirees, boss?' Of course they don't, Voice! They only care about themselves. 'Yeah. Damn straight.' Secondly, there are bigger problems to deal with at the moment. 'Like Brexit!' Yes, like Brexit, but also Carillion. 'Oh, Jesus!' It's just gone into liquidation. Tens of thousands of jobs could be lost. So forget about pensions! These people will be lucky to get dole money, the way things are going. 'Ha! Someone in the government will soon accuse them of being scroungers, boss, you can be sure of that.' I know! That's what we're dealing with. / Anyway, Simon Harrington says, "I'm in heaven when you smile". 'Really?!' Ha! No.
Commenting on the response, PIMFA Senior Policy Adviser, Simon Harrington says: "Automatic enrolment remains the most successful policy intervention for long term savings in generations. However, we need to step back and assess what the policy actually does - this is a policy where success is measured by participation rather than adequacy of saving. As we reach the end of the staging profile next month, it is absolutely imperative that we shift the focus from getting to people to save more rather than save at all. It is not enough to hope that people will save more through voluntary means, all the evidence we have about consumer behaviour suggests that if the default doesn't change, nothing will change."
Christ, Simon! People can't afford to save more, son! They can't afford to eat! 'Has this guy heard of food banks, boss?' I don't know, Voice. I really don't know. I know the whole country is screwed. I know that. And I know that certain lunatics want to make everything worse by forcing us all to jump off a fucking cliff edge.
...
Anything else? No, there's nothing else, dear reader(s). I mean, what else do you want?! 'A conceptual, Mikey.' That will come later, man. 'When?!' Eh? You know when. Later. Normal time. What's your problem?
Right. Laters.
