Michael Johnson: 'Pensions are Finished' (Professional Adviser)

Professional Adviser quotes CPS Research Fellow Michael Johnson on the future of pensions at an event in the Institute of Directors, citing his new report Auto-Protection at 55.

To read the full article, visit the Professional Adviser website.

Michael JohnsonThe Budget reform package coupled with generation Y’s complete disengagement from traditional retirement saving has effectively killed pensions in their current form, according to Michael Johnson.

The Centre for Policy Studies fellow said “pensions are finished” and reiterated his call for a lifetime ISA product to be introduced in the UK.
He also said the current “regressive” tax relief system does very little to encourage a savings culture and should be radically altered.

Speaking at a Dentons Pensions Management event, Johnson also gave adviser delegates an overview of his latest paper, Auto-protection at 55.

The former investment banker said guidance from Pension Wise will not be sufficient for the majority of middle-income retirees who “want to be told what to do”.’

To read the full article, visit the Professional Adviser website.

Date Added: Thursday 26th February 2015