-
Why is it awful? It kind of made sense when people would work for the same company for most of their career, but nowadays, when the labour market is much more dynamic and people are living for longer, it makes sense to share that responsibility between companies, who have to offer all permanent employees access to a pension scheme and contribute to it, and individuals.
Financial literacy can be eradicated if we taught kids sensible things like personal finance at school.
andyp-
Why is it awful?
Because you end up with half a dozen pensions in private pension companies that gently hike up the fees and get rich while people don't contribute nearly enough anyway.
The government automatic minimums are ridiculously small. I might feel a bit differently if they had been set around the cost of something like an old police pension which is probably 20%+
Financial literacy can be eradicated if we taught kids sensible things like personal finance at school.
They tried some of that when I was in school and yet my sister is a complete muppet with money. A professional pension manager is a better option for more than half IMHO.
-
Financial literacy can be eradicated if we taught kids sensible things like
Anarchism.
jellybaby
Kimmo
When the private sector does something awful we should legislate to stop them. Shifting the risk and responsibility from a few authorities to millions of mostly disinterested and often financially illiterate individuals is the wrong thing to do.