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Survey finds huge public support for compulsion

A huge majority of young adults want the Government to introduce some form of pension compulsion, according to research from Virgin Direct.

The company says this suggests compulsion is not necessarily a vote-loser and that ministers should stop shirking the issue.

Virgin commissioned a survey of 600 working adults, revealing that 77 per cent were in favour of introducing some form of compulsion.

Of the 16to 24-year-olds questioned, 83 per cent said they would agree with compulsion if it would benefit their standard of living at retirement.

Virgin believes the message that the state will not provide for everyone&#39s retirement income is filtering down to younger workers.

It says they might be happy to contribute to their own pensions if the Government were prepared to establish an infrastructure which organises this for them.

Head of corporate affairs Martin Campbell says: “We were extremely surprised by the results and were not prepared for young people to positively want the Government to do something about compulsion.

“This shows compulsion is not the political hot potato many believe it is and that MPs should get off their green leather seats and build on the platform that stakeholder is creating.”

Torquil Clark pensions development manager Tom McPhail says: “I am surprised to see this result and it would be nice if society really is this geared up for pensions. In my own experience, I have not found this willingness.

“I think the Government should pursue all other avenues before going down the compulsory individual contribution route.”

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