The UK pension system is not working well. The problem is not with the government system – that is economically sound. It is with the savings-based schemes. They are not getting enough savings – partly because savers are forced to take on too much investment risk. The government does not want to make saving for pensions obligatory. But it should be able to design plans that share the risk better.
At bottom, the UK pension problem is not about savings plans but about a changing social structure.
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