With auto-enrolment due to be rolled out in the U.K. what can we learn from the many other countries who have already gone down this route to improve pension provision? In an article in Professional Pensions magazine, Michael Bow looks at how they operate the system in countries including Australia,the United States and Sweden.
In ‘Auto-enrolment 2.0: Lessons from abroad’ he finds two common elements that governments and pension professionals must ensure for the success of the scheme. Looking at the first one, ‘Funding and Contributions’, he considers the US schemes where legal statutes were employed to ensure regular increases. This is not currently part of the UK proposal. Under the second point of ‘Engagement’, Bow considers the effective communication scheme used in Sweden to ensure people understood their pensions. For more details, including the pensions experience in Australia, read the full article at http://www.professionalpensions.com/professional-pensions/news-analysis/2137752/auto-enrolment-lessons-abroad
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