BlackRock CEO, Larry Fink, told the UK to copy Australian Superannuation: Speaking at the National Association of Pension Funds Investment Conference in...

BlackRock CEO, Larry Fink, told the UK to copy Australian Superannuation: Speaking at the National Association of Pension Funds Investment Conference in Edinburgh yesterday, Larry Fink said a compulsory pension saving programme, similar to the Australian superannuation scheme, would help solve the UK's pension's crisis. Superannuation, introduced in 1992, is a government-supported pension arrangement where the Australian workers make minimum compulsory payments into a fund by an employee. 'As I have advocated in the US, I would recommend simply making an appropriate level retirement saving mandatory here in the UK, without the opportunity to opt-out,' said Fink. 'This has been done with the superannuation system in Australia and has proven to be extremely effective.' He said more needed to be done to ensure people were prepared financially for retirement, noting that Britons are being challenged by rising pensions costs, insufficient savings and insufficient pension fund investment returns More here: (VIEW LINK)