The Pension Scheme One-Size-Fits All Approach Is Costing You Thousands

The pension scheme problem is probably the biggest financial issue facing sovereign nations and companies today. According to the World Economic Forum, the world’s biggest economies are sitting on a combined $70 trillion pension ‘Time Bomb’ that could balloon to more than $400 trillion within four decades unless serious action is taken. One solution is to get workers to contribute more to their own workplace pension scheme, thereby reducing the liabilities for nations and companies.

In 2012 the UK government introduced a scheme called the workplace pension, where employees would be automatically enrolled into a pension scheme run by their employer. This is designed as a behavioral ‘nudge’ to encourage greater participation in pensions schemes, like the famous ‘Save...