The country's current pension system sees workers enrolled into "risky and inflexible" funds and must be modernised to ensure millions of people are not failed, according to Ros Altmann.
The independent pensions consultant said current pension options are "not fit for the future" as low risk investments have become more hazardous. She also said retirement was now a "process not an event". Her latest paper, Time for Change: Rethinking pensions and retirement, said the auto-enrolment would see millions enrolled into defined contribution schemes which would not future lifestyles. "There is a real danger of lulling employees into a false sense of security about their retirement incomes because current pension products are designed for the past, rather than the future."Alt...
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