Better to go dutch if you want a first class pensions system
So how might the UK’s position be improved?
- Promoting higher older age labour force participation;
- Well-structured three-pillar pension systems (state, occupational and private) with clear and simple rules forged through political and stakeholder consensus;
- Pension-saving being seen as the social norm;
- High quasi-mandatory contribution rates and near universal coverage,
- Pension assets far in excess of 100+% of GDP which lessen inter-generational inequality.
- Further increasing pension scheme coverage among both the employed and self-employed;
- Increasing the level of contributions to occupational and private pensions;
- Improving access to (illiquid) growth assets;
- Reducing the gender pensions gap
- Regularising member communications and retirement income projections;
- Raising the level of household saving and reducing the level of household debt;
- Increasing the State Pension age (SPa) over time
- Raising the minimum pension for low income pensioners,
- Restoring the requirement to take retirement savings as an income stream, rather than as one or a series of lump sums under freedom and choice.