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Survey reveals little faith in pension compulsion

Nearly three-quarters of pension professionals do not believe compulsion is a workable solution, says Origen.

Results of a poll show 86 per cent of pension fund managers believe pension legislation will fail in its goal to emp- ower people to make “clear and confident decisions on savings”. Two-thirds are anxious over defined-contribution schemes, with over60 per cent believing their members are underfunded.

The forum of 43 pension fund managers revealed that most consider the plans for pension simplification will barely affect uptake of company pension schemes.

Speakers at the forum included Pre-Retirement Ass-ociation trustee Alan Pickering, NAPF representative Terry Faulkner, ABI acting head of pensions and savings Helen McCarthy and GlaxoSmith-Kline vice-president of worldwide employee benefits Rob Collinge.

The conference was aimed at pension managers from companies with at least 3,000 employees.

Origen business development director Tudor Taylor says: “The lack of belief in compulsion and the ineffectiveness of Government legislation were not surprising, but the frankness of the opinions voiced over these and other pensions and employee benefits issues were.”

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