A report released on Tuesday by Schroders studied definedcontribution plan design in several countries to try to determinethe most effective design. While the report states thatparticipants should be able to make their own decisions about theirplans, it acknowledges that left to their own devices, fewinvestors are able to actually make decisions that lead to goodoutcomes.
“Few are interested or engaged in pension planning and many donot have the financial education or personal data to help in thesedecisions. Given this reality, members must be helped,” accordingto the report.
Consequently, one of the main solutions for improving outcomesin defined contribution plans is simply forcing participants tosave.
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