1 in 10, life industry market failure and time for a radical policy change: Work, health and disability Green Paper

Only 1 in 10 of economically active people in the UK has sick pay insurance in addition to state provision.    This is a major market failure.  A radical shift in government and insurance industry thinking is needed.   Before Auto Enrolment to Workplace Pensions we had roughly 50% of the workforce with no meaningful savings for their old age in addition to state provision. In other words 50% non participation in ‘pensions'.   That was deemed a market failure and there was a consensus that a radical shift in public policy was needed.  Auto enrolment to Workplace Pensions was the ...