State Street backs call for opt-out pension plans

The international financial services firm says enrolling all workers in a pension scheme by default is a win-win situation

Ann Prendergast, managing director and head of State Street Global Advisors Ireland

The results, when they were announced, were conclusive. Some 80 per cent of respondents told the State Street Global Advisors survey last year that they favoured automatic enrolment in pension schemes at work. Additionally, nearly two-thirds said they would also take advantage of automatic annual increases in contributions.

So a national auto-enrolment pension scheme would be warmly welcomed by State Street, who believe it would benefit all stakeholders from the individual to the ...