Revolution: A Radical and Pervasive Change In Society
I started last week to believe every newspaper, radio station, TV programme and politician telling me that it was a momentous day for the UK and pensions. Probably best summarised by the merchants of doom’s (AKA Daily Mail) headline:
The Pension Revolution: Shake-up For 11m Workers As Every Employer Is Forced To Provide Staff Retirement Schemes
But here is the thing……when you ask people from non-profit making organisations (AKA The Government) to make decisions for profit making organisations where 3 out of 4 people work (AKA The Private Sector), mistakes will be made.
Look back at the headline……Every employer is forced to provide a retirement scheme for employees. The key mistake……employees are not forced to join. And therein lies the issue.
With incomes already stretched due to spiralling costs of food, petrol, electric, gas, etc……does a deluded Government expect 11 million workers to pile into something they don’t understand, trust and can’t afford?
Let me be the first to tell you that this is nothing more than a paper chasing exercise for employers. And in 15 years time when the Government realises it has failed due to a low take up rate, they might actually insert the line ‘and employees forced to join’.
This is scarily and head shakingly obvious for anyone outside of Westminster.
Come on……a little bit of joined up thinking please Downing Street.
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