Empower people to work on their retirement calculator, says John De Groot

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Empower people to work on their retirement calculator, says John De Groot

Thu 18th Nov 2010

John De Groot has called on the government to empower people to take charge of their pensions, rather than encourage them to be reliant on state help.

The former Enterprise Agency chief executive claimed the public purse cannot afford to aid individuals with some of the simplest tasks relating to their retirement.

Mr De Groot said it would be best to form schemes that allow "self-reliance", as otherwise demand and expectations could increase beyond control and the system will be unable to cope.

"We should not be disempowering the individual's choice about pensions by allowing individual apathy towards opting out to increase pension scheme membership," he said.

In his opinion, it will be interesting to see how much it costs to set up and police the coalition government's auto-enrolment pensions.

The Federation of Small Businesses predicted the average small firm will pay an extra £2,550 each year to administer and contribute to the new scheme.

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