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<!DOCTYPE html> <html lang="en" class="no-js"> <head> <meta charset="UTF-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="applicable-device" content="pc,mobile"> <meta name="viewport" content="width=device-width, initial-scale=1"> <meta name="robots" content="max-image-preview:large"> <meta name="access" content="Yes"> <meta name="360-site-verification" content="1268d79b5e96aecf3ff2a7dac04ad990" /> <title>The ‘new’ paternalism, consultation and consent: Expectations of UK participants in defined contribution and self-directed retirement savings schemes | Pensions: An International Journal</title> <meta name="twitter:site" content="@SpringerLink"/> <meta name="twitter:card" content="summary_large_image"/> <meta name="twitter:image:alt" content="Content cover image"/> <meta name="twitter:title" content="The ‘new’ paternalism, consultation and consent: Expectations of UK participants in defined contribution and self-directed retirement savings schemes"/> <meta name="twitter:description" content="Pensions: An International Journal - Concern about the competence of individual decision-makers has prompted governments and pension plan sponsors to take advantage of the insights gleaned from the..."/> <meta name="twitter:image" content="https://static-content.springer.com/image/art%3A10.1057%2Fpm.2008.38/MediaObjects/41498_2009_Article_BFpm200838_Fig1_HTML.jpg"/> <meta name="journal_id" content="41498"/> <meta name="dc.title" content="The ‘new’ paternalism, consultation and consent: Expectations of UK participants in defined contribution and self-directed retirement savings schemes"/> <meta name="dc.source" content="Pensions: An International Journal 2009 14:1"/> <meta name="dc.format" content="text/html"/> <meta name="dc.publisher" content="Palgrave"/> <meta name="dc.date" content="2009-03-03"/> <meta name="dc.type" content="OriginalPaper"/> <meta name="dc.language" content="En"/> <meta name="dc.copyright" content="2009 Palgrave Macmillan"/> <meta name="dc.rights" content="2009 Palgrave Macmillan"/> <meta name="dc.rightsAgent" content="journalpermissions@springernature.com"/> <meta name="dc.description" content="Concern about the competence of individual decision-makers has prompted governments and pension plan sponsors to take advantage of the insights gleaned from the behavioural revolution. Auto-enrolment, target-date and related investment strategies may effectively counter behavioural biases such as inertia and the lack of attention paid to financial planning. Nonetheless, some participants may expect consultation when plan sponsors and management implement ‘default’ strategies and the like. Here, we assess the expectations of plan participants drawn from a national representative sample of UK residents who participate in defined contribution and personal pension schemes. It is found that respondents who expressed an interest in a high degree of consultation for the pathway to retirement were older, have higher incomes and recognised the significance of retirement saving schemes for their long-term welfare. A significant number of respondents would not or could not offer an opinion on the desirability of consultation. These respondents can be characterised as discouraged or disenchanted or disaffected, and socio-economic variables were not good predictors of these respondents' opinions of and attitudes towards consultation. Our results support, in part, the ‘new’ paternalism but raise questions about the blanket application of related measures to heterogeneous groups of plan participants."/> <meta name="prism.issn" content="1750-208X"/> <meta name="prism.publicationName" content="Pensions: An International Journal"/> <meta name="prism.publicationDate" content="2009-03-03"/> <meta name="prism.volume" content="14"/> <meta name="prism.number" content="1"/> <meta name="prism.section" content="OriginalPaper"/> <meta name="prism.startingPage" content="58"/> <meta name="prism.endingPage" content="74"/> <meta name="prism.copyright" content="2009 Palgrave Macmillan"/> <meta name="prism.rightsAgent" content="journalpermissions@springernature.com"/> <meta name="prism.url" content="https://link.springer.com/article/10.1057/pm.2008.38"/> <meta name="prism.doi" content="doi:10.1057/pm.2008.38"/> <meta name="citation_pdf_url" content="https://link.springer.com/content/pdf/10.1057/pm.2008.38.pdf"/> <meta name="citation_fulltext_html_url" content="https://link.springer.com/article/10.1057/pm.2008.38"/> <meta name="citation_journal_title" content="Pensions: An International Journal"/> <meta name="citation_journal_abbrev" content="Pensions Int J"/> <meta name="citation_publisher" content="Palgrave Macmillan UK"/> <meta name="citation_issn" content="1750-208X"/> <meta name="citation_title" content="The ‘new’ paternalism, consultation and consent: Expectations of UK participants in defined contribution and self-directed retirement savings schemes"/> <meta name="citation_volume" content="14"/> <meta name="citation_issue" content="1"/> <meta name="citation_publication_date" content="2009/02"/> <meta name="citation_online_date" content="2009/03/03"/> <meta name="citation_firstpage" content="58"/> <meta name="citation_lastpage" content="74"/> <meta name="citation_article_type" content="Original Article"/> <meta name="citation_fulltext_world_readable" content=""/> <meta name="citation_language" content="en"/> <meta name="dc.identifier" content="doi:10.1057/pm.2008.38"/> <meta name="DOI" content="10.1057/pm.2008.38"/> <meta name="size" content="185661"/> <meta name="citation_doi" content="10.1057/pm.2008.38"/> <meta name="citation_springer_api_url" content="http://api.springer.com/xmldata/jats?q=doi:10.1057/pm.2008.38&api_key="/> <meta name="description" content="Concern about the competence of individual decision-makers has prompted governments and pension plan sponsors to take advantage of the insights gleaned fro"/> <meta name="dc.creator" content="Clark, Gordon L"/> <meta name="dc.creator" content="Knox-Hayes, Janelle"/> <meta name="dc.subject" content="Finance, general"/> <meta name="citation_reference" content="citation_journal_title=Behavioural and Brain Sciences; 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Auto-enrolment, target-date and related investment strategies may effectively counter behavioural biases such as inertia and the lack of attention paid to financial planning. Nonetheless, some participants may expect consultation when plan sponsors and management implement ‘default’ strategies and the like. Here, we assess the expectations of plan participants drawn from a national representative sample of UK residents who participate in defined contribution and personal pension schemes. It is found that respondents who expressed an interest in a high degree of consultation for the pathway to retirement were older, have higher incomes and recognised the significance of retirement saving schemes for their long-term welfare. A significant number of respondents would not or could not offer an opinion on the desirability of consultation. These respondents can be characterised as discouraged or disenchanted or disaffected, and socio-economic variables were not good predictors of these respondents' opinions of and attitudes towards consultation. Our results support, in part, the ‘new’ paternalism but raise questions about the blanket application of related measures to heterogeneous groups of plan participants."/> <meta property="og:image" content="https://static-content.springer.com/image/art%3A10.1057%2Fpm.2008.38/MediaObjects/41498_2009_Article_BFpm200838_Fig1_HTML.jpg"/> <meta name="format-detection" content="telephone=no"> <link rel="apple-touch-icon" sizes="180x180" href=/oscar-static/img/favicons/darwin/apple-touch-icon-92e819bf8a.png> <link rel="icon" type="image/png" sizes="192x192" href=/oscar-static/img/favicons/darwin/android-chrome-192x192-6f081ca7e5.png> <link rel="icon" type="image/png" sizes="32x32" href=/oscar-static/img/favicons/darwin/favicon-32x32-1435da3e82.png> <link rel="icon" type="image/png" sizes="16x16" href=/oscar-static/img/favicons/darwin/favicon-16x16-ed57f42bd2.png> <link rel="shortcut icon" data-test="shortcut-icon" href=/oscar-static/img/favicons/darwin/favicon-c6d59aafac.ico> <meta 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Auto-enrolment, target-date and related investment strategies may effectively counter behavioural biases such as inertia and the lack of attention paid to financial planning. Nonetheless, some participants may expect consultation when plan sponsors and management implement ‘default’ strategies and the like. Here, we assess the expectations of plan participants drawn from a national representative sample of UK residents who participate in defined contribution and personal pension schemes. It is found that respondents who expressed an interest in a high degree of consultation for the pathway to retirement were older, have higher incomes and recognised the significance of retirement saving schemes for their long-term welfare. A significant number of respondents would not or could not offer an opinion on the desirability of consultation. These respondents can be characterised as discouraged or disenchanted or disaffected, and socio-economic variables were not good predictors of these respondents' opinions of and attitudes towards consultation. Our results support, in part, the ‘new’ paternalism but raise questions about the blanket application of related measures to heterogeneous groups of plan participants.","datePublished":"2009-03-03T00:00:00Z","dateModified":"2009-03-03T00:00:00Z","pageStart":"58","pageEnd":"74","sameAs":"https://doi.org/10.1057/pm.2008.38","keywords":["financial decision-making","choice","paternalism","retirement savings","Finance","general"],"image":["https://media.springernature.com/lw1200/springer-static/image/art%3A10.1057%2Fpm.2008.38/MediaObjects/41498_2009_Article_BFpm200838_Fig1_HTML.jpg"],"isPartOf":{"name":"Pensions: An International Journal","issn":["1750-208X"],"volumeNumber":"14","@type":["Periodical","PublicationVolume"]},"publisher":{"name":"Palgrave Macmillan UK","logo":{"url":"https://www.springernature.com/app-sn/public/images/logo-springernature.png","@type":"ImageObject"},"@type":"Organization"},"author":[{"name":"Gordon L Clark","affiliation":[{"name":"Centre for Employment, Work and Finance, Oxford University Centre for the Environment","address":{"name":"Centre for Employment, Work and Finance, Oxford University Centre for the Environment, UK","@type":"PostalAddress"},"@type":"Organization"}],"@type":"Person"},{"name":"Janelle Knox-Hayes","@type":"Person"}],"isAccessibleForFree":true,"@type":"ScholarlyArticle"},"@context":"https://schema.org","@type":"WebPage"}</script> </head> <body class="" >  <noscript> <iframe src="https://www.googletagmanager.com/ns.html?id=GTM-MRVXSHQ" height="0" width="0" style="display:none;visibility:hidden"></iframe> </noscript>   <noscript data-test="gtm-body"> <iframe src="https://www.googletagmanager.com/ns.html?id=GTM-MRVXSHQ" height="0" width="0" style="display:none;visibility:hidden"></iframe> </noscript>  <div class="u-visually-hidden" aria-hidden="true" data-test="darwin-icons"> <?xml version="1.0" encoding="UTF-8"?><!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN" "http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd"><svg 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</li> <li class="c-breadcrumbs__item" id="breadcrumb2" itemprop="itemListElement" itemscope="" itemtype="https://schema.org/ListItem"> <span itemprop="name">Article</span><meta itemprop="position" content="3"> </li> </ol> </nav> <h1 class="c-article-title" data-test="article-title" data-article-title="">The ‘new’ paternalism, consultation and consent: Expectations of UK participants in defined contribution and self-directed retirement savings schemes</h1> <ul class="c-article-identifiers"> <li class="c-article-identifiers__item" data-test="article-category">Original Article</li> <li class="c-article-identifiers__item"> Published: <time datetime="2009-03-03">03 March 2009</time> </li> </ul> <ul class="c-article-identifiers c-article-identifiers--cite-list"> <li class="c-article-identifiers__item"> <span data-test="journal-volume">Volume 14</span>, pages 58–74, (<span data-test="article-publication-year">2009</span>) </li> <li class="c-article-identifiers__item 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</a> </div> </div> </div> </div> <div class="app-article-masthead__brand"> <a href="/journal/41498" class="app-article-masthead__journal-link" data-track="click_journal_home" data-track-action="journal homepage" data-track-context="article page" data-track-label="link"> <picture> <source type="image/webp" media="(min-width: 768px)" width="120" height="159" srcset="https://media.springernature.com/w120/springer-static/cover-hires/journal/41498?as=webp, https://media.springernature.com/w316/springer-static/cover-hires/journal/41498?as=webp 2x"> <img width="72" height="95" src="https://media.springernature.com/w72/springer-static/cover-hires/journal/41498?as=webp" srcset="https://media.springernature.com/w144/springer-static/cover-hires/journal/41498?as=webp 2x" alt=""> </picture> <span class="app-article-masthead__journal-title">Pensions: An International Journal</span> </a> </div> </div> </div> </section> <div class="c-article-main u-container u-mt-24 u-mb-32 l-with-sidebar" id="main-content" data-component="article-container"> <main class="u-serif js-main-column" data-track-component="article body"> <div class="c-context-bar u-hide" data-test="context-bar" data-context-bar aria-hidden="true"> <div class="c-context-bar__container u-container"> <div class="c-context-bar__title"> The ‘new’ paternalism, consultation and consent: Expectations of UK participants in defined contribution and self-directed retirement savings schemes </div> <div data-test="inCoD" data-track-context="sticky banner"> <div class="c-pdf-container"> <div class="c-pdf-download u-clear-both u-mb-16"> <a href="/content/pdf/10.1057/pm.2008.38.pdf" class="u-button u-button--full-width u-button--primary u-justify-content-space-between c-pdf-download__link" data-article-pdf="true" data-readcube-pdf-url="true" data-test="pdf-link" data-draft-ignore="true" data-track="content_download" data-track-type="article pdf download" data-track-action="download pdf" data-track-label="button" data-track-external download> <span class="c-pdf-download__text">Download PDF</span> <svg aria-hidden="true" focusable="false" width="16" height="16" class="u-icon"><use xlink:href="#icon-eds-i-download-medium"/></svg> </a> </div> </div> </div> </div> </div> <div class="c-article-header"> <header> <ul class="c-article-author-list c-article-author-list--short" data-test="authors-list" data-component-authors-activator="authors-list"><li class="c-article-author-list__item"><a data-test="author-name" data-track="click" data-track-action="open author" data-track-label="link" href="#auth-Gordon_L-Clark-Aff1" data-author-popup="auth-Gordon_L-Clark-Aff1" data-author-search="Clark, Gordon L">Gordon L Clark</a><sup class="u-js-hide"><a href="#Aff1">1</a></sup> & </li><li class="c-article-author-list__item"><a data-test="author-name" data-track="click" data-track-action="open author" data-track-label="link" href="#auth-Janelle-Knox_Hayes" data-author-popup="auth-Janelle-Knox_Hayes" data-author-search="Knox-Hayes, Janelle">Janelle Knox-Hayes</a><sup class="u-js-hide"></sup> </li></ul> <div data-test="article-metrics"> <ul class="app-article-metrics-bar u-list-reset"> <li class="app-article-metrics-bar__item"> <p class="app-article-metrics-bar__count"><svg class="u-icon app-article-metrics-bar__icon" width="24" height="24" aria-hidden="true" focusable="false"> <use xlink:href="#icon-eds-i-accesses-medium"></use> </svg>2447 <span class="app-article-metrics-bar__label">Accesses</span></p> </li> <li class="app-article-metrics-bar__item"> <p class="app-article-metrics-bar__count"><svg class="u-icon app-article-metrics-bar__icon" width="24" height="24" aria-hidden="true" focusable="false"> <use xlink:href="#icon-eds-i-citations-medium"></use> </svg>9 <span class="app-article-metrics-bar__label">Citations</span></p> </li> <li class="app-article-metrics-bar__item"> <p class="app-article-metrics-bar__count"><svg class="u-icon app-article-metrics-bar__icon" width="24" height="24" aria-hidden="true" focusable="false"> <use xlink:href="#icon-eds-i-altmetric-medium"></use> </svg>3 <span class="app-article-metrics-bar__label">Altmetric</span></p> </li> <li class="app-article-metrics-bar__item app-article-metrics-bar__item--metrics"> <p class="app-article-metrics-bar__details"><a href="/article/10.1057/pm.2008.38/metrics" data-track="click" data-track-action="view metrics" data-track-label="link" rel="nofollow">Explore all metrics <svg class="u-icon app-article-metrics-bar__arrow-icon" width="24" height="24" aria-hidden="true" focusable="false"> <use xlink:href="#icon-eds-i-arrow-right-medium"></use> </svg></a></p> </li> </ul> </div> <div class="u-mt-32"> </div> </header> </div> <div data-article-body="true" data-track-component="article body" class="c-article-body"> <section aria-labelledby="Abs1" data-title="Abstract" lang="en"><div class="c-article-section" id="Abs1-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Abs1">Abstract</h2><div class="c-article-section__content" id="Abs1-content"><p>Concern about the competence of individual decision-makers has prompted governments and pension plan sponsors to take advantage of the insights gleaned from the behavioural revolution. Auto-enrolment, target-date and related investment strategies may effectively counter behavioural biases such as inertia and the lack of attention paid to financial planning. Nonetheless, some participants may expect consultation when plan sponsors and management implement ‘default’ strategies and the like. Here, we assess the expectations of plan participants drawn from a national representative sample of UK residents who participate in defined contribution and personal pension schemes. It is found that respondents who expressed an interest in a high degree of consultation for the pathway to retirement were older, have higher incomes and recognised the significance of retirement saving schemes for their long-term welfare. A significant number of respondents would not or could not offer an opinion on the desirability of consultation. These respondents can be characterised as discouraged or disenchanted or disaffected, and socio-economic variables were not good predictors of these respondents' opinions of and attitudes towards consultation. Our results support, in part, the ‘new’ paternalism but raise questions about the blanket application of related measures to heterogeneous groups of plan participants.</p></div></div></section> <div data-test="cobranding-download"> </div> <section aria-labelledby="inline-recommendations" data-title="Inline Recommendations" class="c-article-recommendations" data-track-component="inline-recommendations"> <h3 class="c-article-recommendations-title" id="inline-recommendations">Similar content being viewed by others</h3> <div class="c-article-recommendations-list"> <div class="c-article-recommendations-list__item"> <article class="c-article-recommendations-card" itemscope itemtype="http://schema.org/ScholarlyArticle"> <div class="c-article-recommendations-card__img"><img src="https://media.springernature.com/w215h120/springer-static/image/art%3Aplaceholder%2Fimages/placeholder-figure-springernature.png" loading="lazy" alt=""></div> <div class="c-article-recommendations-card__main"> <h3 class="c-article-recommendations-card__heading" itemprop="name headline"> <a class="c-article-recommendations-card__link" itemprop="url" href="https://link.springer.com/10.1057/fsm.2015.7?fromPaywallRec=false" data-track="select_recommendations_1" data-track-context="inline recommendations" data-track-action="click recommendations inline - 1" data-track-label="10.1057/fsm.2015.7">Exploring the pension ‘X factor’ for generation Y men </a> </h3> <div class="c-article-meta-recommendations" data-test="recommendation-info"> <span class="c-article-meta-recommendations__item-type">Article</span> <span class="c-article-meta-recommendations__date">01 June 2015</span> </div> </div> </article> </div> <div class="c-article-recommendations-list__item"> <article class="c-article-recommendations-card" itemscope itemtype="http://schema.org/ScholarlyArticle"> <div class="c-article-recommendations-card__img"><img src="https://media.springernature.com/w215h120/springer-static/image/art%3Aplaceholder%2Fimages/placeholder-figure-springernature.png" loading="lazy" alt=""></div> <div class="c-article-recommendations-card__main"> <h3 class="c-article-recommendations-card__heading" itemprop="name headline"> <a class="c-article-recommendations-card__link" itemprop="url" href="https://link.springer.com/10.1007/s10273-015-1799-6?fromPaywallRec=false" data-track="select_recommendations_2" data-track-context="inline recommendations" data-track-action="click recommendations inline - 2" data-track-label="10.1007/s10273-015-1799-6">Handlungsoptionen für die Rentenpolitik — Wie kann Alterssicherung nachhaltig(er) werden? </a> </h3> <div class="c-article-meta-recommendations" data-test="recommendation-info"> <span class="c-article-meta-recommendations__item-type">Article</span> <span class="c-article-meta-recommendations__date">22 February 2015</span> </div> </div> </article> </div> <div class="c-article-recommendations-list__item"> <article class="c-article-recommendations-card" itemscope itemtype="http://schema.org/ScholarlyArticle"> <div class="c-article-recommendations-card__img"><img src="https://media.springernature.com/w92h120/springer-static/cover-hires/book/978-3-030-50547-9?as=webp" loading="lazy" alt=""></div> <div class="c-article-recommendations-card__main"> <h3 class="c-article-recommendations-card__heading" itemprop="name headline"> <a class="c-article-recommendations-card__link" itemprop="url" href="https://link.springer.com/10.1007/978-3-030-50547-9_2?fromPaywallRec=false" data-track="select_recommendations_3" data-track-context="inline recommendations" data-track-action="click recommendations inline - 3" data-track-label="10.1007/978-3-030-50547-9_2">Elements of Generational Solidarity in the German Pension System </a> </h3> <div class="c-article-meta-recommendations" data-test="recommendation-info"> <span class="c-article-meta-recommendations__item-type">Chapter</span> <span class="c-article-meta-recommendations__date">© 2020</span> </div> </div> </article> </div> </div> </section> <script> window.dataLayer = window.dataLayer || []; window.dataLayer.push({ recommendations: { recommender: 'semantic', model: 'specter', policy_id: 'NA', timestamp: 1733202675, embedded_user: 'null' } }); </script> <div class="app-card-service" data-test="article-checklist-banner"> <div> <a class="app-card-service__link" data-track="click_presubmission_checklist" data-track-context="article page top of reading companion" data-track-category="pre-submission-checklist" data-track-action="clicked article page checklist banner test 2 old version" data-track-label="link" href="https://beta.springernature.com/pre-submission?journalId=41498" data-test="article-checklist-banner-link"> <span class="app-card-service__link-text">Use our pre-submission checklist</span> <svg class="app-card-service__link-icon" aria-hidden="true" focusable="false"><use xlink:href="#icon-eds-i-arrow-right-small"></use></svg> </a> <p class="app-card-service__description">Avoid common mistakes on your manuscript.</p> </div> <div class="app-card-service__icon-container"> <svg class="app-card-service__icon" aria-hidden="true" focusable="false"> <use xlink:href="#icon-eds-i-clipboard-check-medium"></use> </svg> </div> </div> <div class="main-content"> <section data-title="INTRODUCTION"><div class="c-article-section" id="Sec1-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec1">INTRODUCTION</h2><div class="c-article-section__content" id="Sec1-content"><p>Humans are subject to many cognitive biases and shortcomings.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1" title="Krueger, J. I. and Funder, D. C. (2004) Towards a balanced social psychology: Causes, consequences, and cures for the problem-seeking approach to social behaviour and cognition. Behavioural and Brain Sciences 27: 313–376." href="/article/10.1057/pm.2008.38#ref-CR1" id="ref-link-section-d61545229e314">1</a></sup> There appear to be significant differences between men and women with respect to risk aversion,<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 2" title="Watson, J. and McNaughton, M. (2007) Gender differences in risk aversion and expected retirement benefits. Financial Analysts Journal 63 (4): 52–62." href="/article/10.1057/pm.2008.38#ref-CR2" id="ref-link-section-d61545229e318">2</a></sup> systematic differences in risk tolerance according to age and income,<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 3" title="Clark, G. L. and Strauss, K. (2008) Pension-related individual risk propensity, and the effects of socio-demographic characteristics and a spousal pension entitlement. Ageing and Society 28: 847–874." href="/article/10.1057/pm.2008.38#ref-CR3" id="ref-link-section-d61545229e322">3</a></sup> and differences in risk tolerance according to the context<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 4" title="Strauss, K. (2008) Re-engaging with rationality: The context of UK pension decision-making. Journal of Economic Geography 8: 137–156." href="/article/10.1057/pm.2008.38#ref-CR4" id="ref-link-section-d61545229e326">4</a></sup> or social setting of decision-making.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 5" title="Henrich, J. et al (2005) ‘Economic man’ in a cross-cultural perspective: Behavioural experiments in 15 small-scale societies. Behavioral and Brain Sciences 28 (6): 838–855." href="/article/10.1057/pm.2008.38#ref-CR5" id="ref-link-section-d61545229e330">5</a></sup> These ‘facts-of-life’ have undercut the hegemony of the rational actor model, which dominated the social sciences over the second half of the twentieth century.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 6" title="Kahneman, D. and Tversky, A. (1979) Prospect theory: An analysis of decisions under risk. Econometrica 47: 263–291." href="/article/10.1057/pm.2008.38#ref-CR6" id="ref-link-section-d61545229e335">6</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 7" title="Schick, F. (1997) Making Choices: A Recasting Decision Theory. Cambridge: Cambridge University Press." href="/article/10.1057/pm.2008.38#ref-CR7" id="ref-link-section-d61545229e338">7</a></sup></p><p>Nonetheless, many of our economic and social systems presume individual sovereignty. Because the UK Basic State Pension is a modest flat-rate entitlement, retirement saving is deemed also the responsibility of individuals.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 8" title="Organisation for Economic Cooperation and Development (OECD). (2007) Closing the Pensions Gap: The Role of Private Pensions. Paris: Organisation for Economic Cooperation and Development (OECD). Policy Brief, September." href="/article/10.1057/pm.2008.38#ref-CR8" id="ref-link-section-d61545229e344">8</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 9" title="Peggs, K. (2000) Which pension? Women, risk and pension choice. The Sociological Review 48: 349–364." href="/article/10.1057/pm.2008.38#ref-CR9" id="ref-link-section-d61545229e347">9</a></sup> Amplifying the importance of individual responsibility, the majority of UK private employer-sponsored defined benefit (DB) pensions have closed to new entrants, in part replaced with defined contribution (DC) and personal pensions. Many British workers in the private sector now bear the costs of decision-making and the risks of long-term investment.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 10" title="Watson Wyatt. (2006) Plan Design Survey 2006. Reigate, UK: Watson Wyatt." href="/article/10.1057/pm.2008.38#ref-CR10" id="ref-link-section-d61545229e351">10</a></sup> These types of schemes put the onus on the individual to plan for retirement, make adequate contributions and manage their investments. Likewise, the UK National Pension Savings Scheme (NPSS) is an attempt to foster effective retirement savings behaviour and ‘solve’ the pensions crisis through a DC platform.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 11" title="Pensions Commission. (2005) A New Pension Settlement for the Twenty-First Century: The Second Report of the Pensions Commission. London: HM Stationery Office." href="/article/10.1057/pm.2008.38#ref-CR11" id="ref-link-section-d61545229e355">11</a></sup></p><p>In the United States, the costs and benefits of DC pension schemes for retirement welfare have been subject to searching scrutiny.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 12" title="Ghilarducci, T. (2008) When I'm Sixty-Four: The Plot Against Pensions and the Plan to Save Them. Princeton, NJ: Princeton University Press." href="/article/10.1057/pm.2008.38#ref-CR12" id="ref-link-section-d61545229e361">12</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 13" title="Munnell, A. and Súnden, A. (2004) Coming Up Short: The Challenge of 401(k) Plans. Washington DC: Brookings Foundation." href="/article/10.1057/pm.2008.38#ref-CR13" id="ref-link-section-d61545229e364">13</a></sup> With the passage of the 2006 Pension Protection Act, Congress sought to reinforce tentative steps taken by plan sponsors and the financial services industry to assume greater responsibility for framing the risks assumed by plan participants and the realised value of accumulated pension savings. Benartzi and Thaler's<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 14" title="Benartzi, S. and Thaler, R. (2005) Save more tomorrow: Using behavioral economics to increase employee savings. Journal of Political Economy 112: 164–187." href="/article/10.1057/pm.2008.38#ref-CR14" id="ref-link-section-d61545229e368">14</a></sup> <i>Save More Tomorrow</i> (SMT) regime has been widely touted as an effective mechanism for increasing the rate of contributions. Similarly, target-date funds offered by investment banks and mutual funds may provide workers a once-and-for-all retirement plan that automatically adjusts their asset mix in relation to the years to retirement. The goal here is to reduce the risks associated with investment as participants near retirement. This option has attracted attention, in part because the US Department of Labor deemed such funds an ‘appropriate’ default option for employers who automatically enrol employees in 401(k) plans.</p><p>Auto-enrolment, the idea of opt-out rather than opt-in, contribution escalators and pre-screened investment options matched against participants' age and risk tolerance are elements of Thaler and Sunstein's<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 15" title="Thaler, R. and Sunstein, C. R. (2008) Nudge: Improving Decisions About Health, Wealth and Happiness. New Haven, CT: Yale University Press." href="/article/10.1057/pm.2008.38#ref-CR15" id="ref-link-section-d61545229e378">15</a></sup> libertarian paternalism, ‘an approach that preserves freedom of choice but that authorises both private and public institutions to steer people in directions that will promote their welfare’. Thaler and Sunstein<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 15" title="Thaler, R. and Sunstein, C. R. (2008) Nudge: Improving Decisions About Health, Wealth and Happiness. New Haven, CT: Yale University Press." href="/article/10.1057/pm.2008.38#ref-CR15" id="ref-link-section-d61545229e382">15</a></sup> have also suggested that the proper purpose of public and private institutions is to ‘nudge’ people to act in ways consistent with their interests, recognising that cognitive biases and anomalies tend to derail their best intentions. This stands in contrast to directing or requiring certain behaviour; it is also antagonist to mandatory pension savings schemes like those in Australia, New Zealand and Sweden and those rejected by the UK Pensions Commission<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 11" title="Pensions Commission. (2005) A New Pension Settlement for the Twenty-First Century: The Second Report of the Pensions Commission. London: HM Stationery Office." href="/article/10.1057/pm.2008.38#ref-CR11" id="ref-link-section-d61545229e386">11</a></sup> when recommending the establishment of the NPSS. Thaler and Sunstein<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 15" title="Thaler, R. and Sunstein, C. R. (2008) Nudge: Improving Decisions About Health, Wealth and Happiness. New Haven, CT: Yale University Press." href="/article/10.1057/pm.2008.38#ref-CR15" id="ref-link-section-d61545229e390">15</a></sup> suggest what planners (‘anyone who must design plans for others’) ought to do given the welfare costs of ineffective decision-making.</p><p>Nonetheless, critics of finance-led neoliberalism argue that public and private institutions have shifted the risks associated with pension planning to people poorly equipped to handle the issues.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 16" title="Langley, P. (2008) The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR16" id="ref-link-section-d61545229e398">16</a></sup> Missing here is recognition of the evolving agenda that goes under the banner of the ‘new’ paternalism. But missing from both research programmes is an appreciation of the nature and scope of individuals' expressed preferences (if any) in being involved (or not) in the retirement planning process. This topic is explored here with reference to the degree to which a representative sample of UK residents would prefer to be consulted in plan-initiated asset switching before the respondents' retirement. As indicated, this is a significant issue for the design of retirement investment products and this issue bears on the mandate claimed by the ‘new’ paternalism. Following the work on pension planning, we estimate the correlates of consultation over asset allocation leading up to retirement.</p><p>Before reporting the results of statistical analysis, we consider the design of retirement funds given the growing number of UK DC and personal pensions. This is followed by an analytical framework for explicating the nature and scope of paternalism. Beginning with Thaler and Sunstein,<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 17" title="Thaler, R. and Sunstein, C. R. (2003) Libertarian paternalism. American Economic Review 93 (2): 175–179." href="/article/10.1057/pm.2008.38#ref-CR17" id="ref-link-section-d61545229e405">17</a></sup> we suggest a framework that can allow a more nuanced understanding of the scope of paternalism. It is shown that those respondents who would expect consultation over the transition to retirement are those we found previously to be committed to pension planning: older, higher-income people who appreciate the significance of supplementary pension plans for their retirement income.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e409">18</a></sup> As well, we found a distinctive geographical pattern in responses, partially validating previous findings about the existence of ‘regional ecologies’ of finance.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 19" title="Clark, G. L. and Knox-Hayes, J. (2007) Mapping UK pension benefits and the intended purchase of annuities in the aftermath of the 1990s stock market bubble. Transactions, Institute of British Geographers 32: 539–555." href="/article/10.1057/pm.2008.38#ref-CR19" id="ref-link-section-d61545229e413">19</a></sup> However, given the purposes of this paper, we leave consideration of this topic for another time. Importantly, there was a group of respondents who could not venture an opinion. These respondents are best characterised as discouraged or disaffected.</p><p>Our approach to these issues is to mix theoretical and practical issues related to behaviour and the design of retirement products with a database of respondent attitudes, opinions and behavioural predispositions. By contrast, research in the field tends to be based upon large administrative databases that enable researchers to process actual behaviour and infer intentions.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 20" title="Huberman, G. and Jiang, W. (2006) Offering versus choice in 401(k) plans: Equity exposure and numbers of funds. Journal of Finance 61: 763–801." href="/article/10.1057/pm.2008.38#ref-CR20" id="ref-link-section-d61545229e420">20</a></sup> There are, no doubt, advantages in this approach, including the large number of observations. Nonetheless, we have been encouraged by the consistency of results derived from the survey of nearly 1000 respondents over 80 questions covering a variety of topics related to intended and actual behaviour. It is gratifying to find significant the same types of socio-economic correlates as before.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 3" title="Clark, G. L. and Strauss, K. (2008) Pension-related individual risk propensity, and the effects of socio-demographic characteristics and a spousal pension entitlement. Ageing and Society 28: 847–874." href="/article/10.1057/pm.2008.38#ref-CR3" id="ref-link-section-d61545229e424">3</a></sup> Implications drawn from these results are developed in the conclusion to this paper.</p><p>Finally, we acknowledge that this research came before the onset of the global financial crisis, which has raised profound questions about the robustness of established financial institutions, now and in the future. Notwithstanding the partial nationalisation of UK banks, the guarantees offered to bank deposit holders and the bailout of other financial institutions and commitments, there seems little immediate likelihood of government making good on the losses borne by pension plan participants. This implies an even greater importance of better understanding the role of plan sponsors in relation to the behavioural predispositions of those with responsibility for planning for their future.</p></div></div></section><section data-title="DECISION-MAKING UNDER RISK AND UNCERTAINTY"><div class="c-article-section" id="Sec2-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec2">DECISION-MAKING UNDER RISK AND UNCERTAINTY</h2><div class="c-article-section__content" id="Sec2-content"><p>Human beings are rational ‘animals’ in the sense that this is our biological heritage. For many years, social scientists supposed that response and adaptation would ‘wash-out’ so-called aberrant behaviour. The research programme initiated by Simon<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 21" title="Simon, H. A. (1956) Rational choice and the structure of the environment. Psychological Review 63: 129–138." href="/article/10.1057/pm.2008.38#ref-CR21" id="ref-link-section-d61545229e438">21</a></sup> and Kahneman and Tversky<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 6" title="Kahneman, D. and Tversky, A. (1979) Prospect theory: An analysis of decisions under risk. Econometrica 47: 263–291." href="/article/10.1057/pm.2008.38#ref-CR6" id="ref-link-section-d61545229e442">6</a></sup> assumed substantive rationality but focused on cognitive performance, arguing that humans are subject to a variety of systematic biases and shortcomings. For example, to the extent that people have coherent discount functions (many do not), they are pre-occupied with the immediate future and find it difficult to carry-through on plans (see Ainslie<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 22" title="Ainslie, G. (2005) Précis of breakdown of will. Behavioral and Brain Sciences 28: 635–650." href="/article/10.1057/pm.2008.38#ref-CR22" id="ref-link-section-d61545229e446">22</a></sup> and the related commentary on ‘weakness-of-will’). These ‘traits’ have been shown to be widely shared, although there remains a debate over the degree to which conscious deliberation and education can overcome or in some sense compensate for the negative effects of these shortcomings.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 23" title="Doherty, M. E. (2003) Optimists, Pessimists, and Realists. In: S.L. Scheider and J. Shanteau (eds.) Emerging Perspectives on Judgement and Decision Research. Cambridge: Cambridge University Press." href="/article/10.1057/pm.2008.38#ref-CR23" id="ref-link-section-d61545229e450">23</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 24" title="Kahneman, D. (2003) Maps of rationality: Psychology for behavioural economics. American Economic Review 93: 1449–1475." href="/article/10.1057/pm.2008.38#ref-CR24" id="ref-link-section-d61545229e453">24</a></sup></p><p>There is a long list of cognitive biases and shortcomings. Krueger and Funder<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 1" title="Krueger, J. I. and Funder, D. C. (2004) Towards a balanced social psychology: Causes, consequences, and cures for the problem-seeking approach to social behaviour and cognition. Behavioural and Brain Sciences 27: 313–376." href="/article/10.1057/pm.2008.38#ref-CR1" id="ref-link-section-d61545229e459">1</a></sup> identified more than 40 such ‘traits’, and the list is growing as testing regimes in experimental psychology and economics become more sophisticated. Recent research by Wenger<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 25" title="Wenger, D. (2002) The Illusion of Conscious Will. Cambridge, MA: MIT Press." href="/article/10.1057/pm.2008.38#ref-CR25" id="ref-link-section-d61545229e463">25</a></sup> and Libet<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 26" title="Libet, B. (2004) Mind Time. Cambridge, MA: Harvard University Press." href="/article/10.1057/pm.2008.38#ref-CR26" id="ref-link-section-d61545229e467">26</a></sup> on consciousness and the link between intention, deliberation and action raises profound questions about the degree to which people do anything more than respond to sensory impulses – at issue is the status of individual preferences and volition.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 27" title="Rachlin, H. (2000) The Science of Self-Control. Cambridge, MA: Harvard University Press." href="/article/10.1057/pm.2008.38#ref-CR27" id="ref-link-section-d61545229e471">27</a></sup> Elsewhere, we have argued that recent policy innovations that go under the banner of the ‘new’ paternalism appear to assume that many people (except sensible ‘planners’) are on automatic pilot.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e475">18</a></sup> Hence, one way to encourage higher levels of pension saving is to introduce contribution escalators that rely upon automatic increments rather than rely upon individuals for a deliberate re-allocation of consumption, for saving now and in the future.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 28" title="Benartzi, S. and Thaler, R. (2001) Naïve diversification strategies in defined contribution savings plans. American Economic Review 91: 71–99." href="/article/10.1057/pm.2008.38#ref-CR28" id="ref-link-section-d61545229e480">28</a></sup></p><p>The significance of these traits can also be seen if we refer to the aptitudes and skills required for effective performance in global financial markets. Without suggesting that our list is definitive, assessment of the competence of financial decision-makers (such as pension fund trustees) identified the following desirable attributes: being comfortable in the probability domain, being numerate and able to calculate the future value of alternative courses of action, being able to distinguish between underlying patterns and contingent events, being able to process information in an efficient and timely manner, and being able to cut through the clutter of events and apply the relevant decision-rules and techniques.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 29" title="Clark, G. L., Caerlewy-Smith, E. and Marshall, J. C. (2007) The consistency of UK pension fund trustees' decision-making. Journal of Pension Economics and Finance 6: 67–86." href="/article/10.1057/pm.2008.38#ref-CR29" id="ref-link-section-d61545229e486">29</a></sup> As the credit crisis has shown, financial markets can be extremely demanding environments. Being able to judge the significance of market movements time and again without hesitation and with a compliment of skills equal to at least professional market players is very important. This is the environment that any participants in a DC or personal pension plan join when they actively manage their future welfare.</p><p>The experimental evidence suggests that people are poor at calculating the odds, find it difficult to conceptualise patterns and processes, are either over-confident or under-confident when it comes to using data, tend to attribute too much importance to the most recent observations, and are often seduced by the texture of issues <i>or</i> apply decision-rules without being able to effectively judge relevance or applicability.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 30" title="Baron, J. (2008) Thinking and Deciding, 4th edn. Cambridge: Cambridge University Press." href="/article/10.1057/pm.2008.38#ref-CR30" id="ref-link-section-d61545229e496">30</a></sup> Although people can develop these skills with sufficient formal training and education, it seems likely that those who function best in this domain are cognitively pre-disposed rather than reliant upon hard graft and toil.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 24" title="Kahneman, D. (2003) Maps of rationality: Psychology for behavioural economics. American Economic Review 93: 1449–1475." href="/article/10.1057/pm.2008.38#ref-CR24" id="ref-link-section-d61545229e500">24</a></sup> Heuristics and rules-of-thumb may be effective decision techniques in everyday life.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 31" title="Gigerenzer, G. (2004) The irrationality paradox. Brain and Behavioral Sciences 27: 336–368." href="/article/10.1057/pm.2008.38#ref-CR31" id="ref-link-section-d61545229e504">31</a></sup> But the costs of poor performance in financial markets may fall most heavily on those least able to insure themselves against shortfalls in financial wellbeing.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 32" title="Shiller, R. (1993) Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR32" id="ref-link-section-d61545229e508">32</a></sup> In this environment, people may recognise their vulnerability and, in effect, defer decision-making or shift decision-making to those who claim competence and/or responsibility. Whether most people are in a position to judge the competence of others is open to debate.</p><p>Translating these observations about financial competence into the realm of self-directed pension savings and investment, it is widely accepted that self-interest and an everyday knowledge and understanding of financial markets are inadequate, given the dependence of so many people on supplementary savings and investments for long-term welfare.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 12" title="Ghilarducci, T. (2008) When I'm Sixty-Four: The Plot Against Pensions and the Plan to Save Them. Princeton, NJ: Princeton University Press." href="/article/10.1057/pm.2008.38#ref-CR12" id="ref-link-section-d61545229e516">12</a></sup> To illustrate, leaving people to make their own decisions about asset allocation as they approach retirement may mean that they carry too much risk (an equities exposure, for example) for too long, thereby becoming vulnerable to the state of financial markets at the point when they must switch their accumulated assets into some form of annuity.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 33" title="Poterba, J. M. (2006) Annuity Markets. In: G.L. Clark, A.H. Munnell and J.M. Orszag (eds.) The Oxford Handbook of Pensions and Retirement Income. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR33" id="ref-link-section-d61545229e520">33</a></sup> Here, at least three types of behavioural biases or shortcomings may conspire to significantly discount future welfare. Inertia is one issue,<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 34" title="Samuelson, W. and Zeckhauser, R. (1988) Status quo bias in decision making. Journal of Risk and Uncertainty 1: 7–59." href="/article/10.1057/pm.2008.38#ref-CR34" id="ref-link-section-d61545229e524">34</a></sup> lack of attention is another consideration<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 35" title="Gabaix, X., Laibson, D., Moloche, G. and Weinberg, S. (2006) Costly information acquisition: Experimental analysis of a boundedly rational model. American Economic Review 96: 1043–1068." href="/article/10.1057/pm.2008.38#ref-CR35" id="ref-link-section-d61545229e528">35</a></sup> and under- or over-reaction to recent stock-market events may be another issue.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 36" title="Shiller, R. J. (2000) Irrational Exuberance. Princeton, NJ: Princeton University Press." href="/article/10.1057/pm.2008.38#ref-CR36" id="ref-link-section-d61545229e532">36</a></sup></p><p>For those knowledgeable about life cycle risk and asset allocation, a plan participant's age and years to retirement as well as their risk tolerance are crucial variables in constructing ‘optimal’ investment portfolios. To illustrate, <a data-track="click" data-track-label="link" data-track-action="figure anchor" href="/article/10.1057/pm.2008.38#Fig1">Figure 1</a> reproduces a diagrammatic representation of Barclays Global Investors (BGI) LifePath Portfolio.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 37" title="Barclays Global Investors (BGI) LifePath Portfolio. Available at 
 www.bgidcsolutions.com/lifepath/index.html
 
 ." href="/article/10.1057/pm.2008.38#ref-CR37" id="ref-link-section-d61545229e541">37</a></sup> This is typical of target-date funds in that in the early years the fund asset allocation is such that growth-with-risk is the operative strategy whereas in latter years conservation of value of accumulated capital through asset diversification becomes the operative strategy. In this case, identified asset classes are entirely conventional and would be recognised as such by any participants who have a modicum of interest in the current offerings of investment companies.</p><div class="c-article-section__figure js-c-reading-companion-figures-item" data-test="figure" data-container-section="figure" id="figure-1" data-title="Figure 1"><figure><figcaption><b id="Fig1" class="c-article-section__figure-caption" data-test="figure-caption-text">Figure 1</b></figcaption><div class="c-article-section__figure-content"><div class="c-article-section__figure-item"><a class="c-article-section__figure-link" data-test="img-link" data-track="click" data-track-label="image" data-track-action="view figure" href="/article/10.1057/pm.2008.38/figures/1" rel="nofollow"><picture><source type="image/webp" srcset="//media.springernature.com/lw685/springer-static/image/art%3A10.1057%2Fpm.2008.38/MediaObjects/41498_2009_Article_BFpm200838_Fig1_HTML.jpg?as=webp"><img aria-describedby="Fig1" src="//media.springernature.com/lw685/springer-static/image/art%3A10.1057%2Fpm.2008.38/MediaObjects/41498_2009_Article_BFpm200838_Fig1_HTML.jpg" alt="figure 1" loading="lazy"></picture></a></div><div class="c-article-section__figure-description" data-test="bottom-caption" id="figure-1-desc"><p>Barclay Global Investors' target-date fund. <i>Source</i>: <a href="http://www.bgidcsolutions.com/lifepath/how-lifepath-works.html">http://www.bgidcsolutions.com/lifepath/how-lifepath-works.html</a>.</p></div></div><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="article-link" data-track="click" data-track-label="button" data-track-action="view figure" href="/article/10.1057/pm.2008.38/figures/1" data-track-dest="link:Figure1 Full size image" aria-label="Full size image figure 1" rel="nofollow"><span>Full size image</span><svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div><p>Whether the asset-mix adjustment process ought to be continuous or staged, whether it ought to have a shallow or steep glide-path approaching retirement and whether plan participants should be required to be actively involved in each stage remain to be resolved. As well, there remain reasonable concerns about the costs of such portfolios and whether those that adopt such retirement products must bear relatively high costs and market risks in the first stages of the process. Presumably, the chosen investment funds that make up the BGI portfolio come entirely from Barclays Global Investors – in that case, where the participant is ‘captive’, there may be reasonable concerns over the relative costs and performance of its separate components.</p></div></div></section><section data-title="PATERNALISM AND COERCION"><div class="c-article-section" id="Sec3-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec3">PATERNALISM AND COERCION</h2><div class="c-article-section__content" id="Sec3-content"><p>For plan sponsors, target-date funds like BGI's LifePath Portfolio appear to resolve a number of concerns about participants' lack of attention to their long-term welfare. Moving from opt-in to opt-out, auto-enrolment may be thought to take advantage of participants' inertia. Combined with SMT automatic contribution escalators, a much higher proportion of eligible workers are likely to save more for retirement than would otherwise be the case. With the automatic enrolment of participants into target-date funds, they are also likely to be more effective in risk-management according to age and the expected date of retirement. In a sense, workers may be ‘made’ into effective market participants and their behaviour ‘channelled’ in accordance with the best available evidence on cognition, behaviour and commitment over time.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 38" title="Pemberton, H., Thane, P. and Whiteside, N. (eds.) (2006) Britain's Pensions Crisis: History and Policy. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR38" id="ref-link-section-d61545229e583">38</a></sup> Thaler and Sunstein<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 17" title="Thaler, R. and Sunstein, C. R. (2003) Libertarian paternalism. American Economic Review 93 (2): 175–179." href="/article/10.1057/pm.2008.38#ref-CR17" id="ref-link-section-d61545229e587">17</a></sup> termed this bundle of policies ‘libertarian paternalism’ in that plan designers seek to influence ‘the choices of the affected parties in a way that will make those parties better-off’.</p><p>For some, paternalism is a proper concern for the welfare of children.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 39" title="Nozick, R. (1997) Socratic Puzzles. Cambridge, MA: Harvard University Press." href="/article/10.1057/pm.2008.38#ref-CR39" id="ref-link-section-d61545229e594">39</a></sup> For others, however, it is aligned with tradition – legitimated by a claimed concern for the welfare of society. And for others, paternalism is shorthand for hierarchical societies based upon privilege and control over the mass of people's wellbeing and prospects (as suggested in Atiyah's<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 40" title="Atiyah, P. S. (1979) The Rise and Fall of Freedom of Contract. Oxford, UK: Clarendon Press." href="/article/10.1057/pm.2008.38#ref-CR40" id="ref-link-section-d61545229e598">40</a></sup> account of the transition from feudalism and the rise of ‘freedom of contract’). Forgotten, perhaps, in the debate in the pensions literature over paternalism is the fact that the spread of DB pensions through western economies over the twentieth century can be interpreted as an expression of benevolent paternalism. For union and management executives, collectively negotiated wage-based deductions for retirement served many purposes, including increasing the rate of savings among hourly workers who would not have otherwise made such long-term commitments.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 41" title="Clark, G. L. (2000) Pension Fund Capitalism. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR41" id="ref-link-section-d61545229e602">41</a></sup> Mandatory national pension savings schemes are based on much the same motives.</p><p>Recognising the various ways in which paternalism can be defined,<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 42" title="Dworkin, G. (1972) Paternalism. The Monist 56: 64–84." href="/article/10.1057/pm.2008.38#ref-CR42" id="ref-link-section-d61545229e609">42</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 43" title="Lively, J. (1979) Paternalism. In: A.P. Griffiths (ed.) Of Liberty, Royal Institute of Philosophy Lecture Series, Vol. 15. Cambridge: Cambridge University Press." href="/article/10.1057/pm.2008.38#ref-CR43" id="ref-link-section-d61545229e612">43</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 44" title="Shiffrin, S. V. (2000) Paternalism, unconscionability doctrine, and accommodation. Philosophy and Public Affairs 29: 205–250." href="/article/10.1057/pm.2008.38#ref-CR44" id="ref-link-section-d61545229e615">44</a></sup> for the purposes of this paper we define paternalism in the following way: assuming B (the object of paternalism) is a mature person otherwise legally and morally responsible for their actions, A trumps B's exercise of free will and judgement and, as a result, the outcome of A's actions (or non-actions) on behalf of B is to the benefit of B (and may or may not be to the benefit of A or his or her proxies). To trump another's exercise of free will and judgement must involve more than a calculation of net-benefit – on this basis, it would be too easy for A (an institution or person in authority) to legitimate arbitrary intervention. It must be based upon a justified claim of superior expertise, knowledge or commitment to social welfare that transcends the circumstances of any individual. To avoid the charge of coercion, it must also be accompanied <i>ex ante</i> or <i>ex post</i> by B's consent (explicit or implicit). This is, clearly, a complex web of statements and conditions, and properly so, given the liberal democratic presumption in favour of individual autonomy.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 45" title="Holmes, S. (1993) The Autonomy of Antiliberalism. Cambridge, MA: Harvard University Press." href="/article/10.1057/pm.2008.38#ref-CR45" id="ref-link-section-d61545229e625">45</a></sup></p><p>Notice, this definition is built on a set of background principles: to trump B's exercise of free will and judgement is to put aside their rights (not deny their rights) on a particular issue; to be for the net-benefit of B is essential, just as any benefit to A (if any) should be incidental; to be justified on some ‘reasonable’ grounds consistent with B's interests is important; to be consistent with the treatment of others is essential if paternalism is to avoid the charge of being arbitrary; and to be subject to the consent of B is vital if paternalism is to avoid being tarred with the brush of coercion. We can see, then, why the opt-out option in Thaler and Sunstein's scheme is so important. Still, the design issue is more problematic than we might have imagined – for example, in designing DC and accumulation accounts based on the principles of the ‘new’ paternalism, it may be difficult to prove <i>ex ante</i> or <i>ex post</i> that such funds are to the net-benefit of the recipient. The former requires complex simulations, which may be inconclusive, whereas the latter may be so far into the future and subject to such uncertainty that demonstrating net-benefit where time cannot be reversed is impossible.</p><p>For all the virtues of paternalism, some nonetheless argue that paternalism is akin to coercion (and is consequently illegitimate). In order to distinguish between the two, we define coercion in the following manner:<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 46" title="Wertheimer, A. (1987) Coercion. Princeton, NJ: Princeton University Press." href="/article/10.1057/pm.2008.38#ref-CR46" id="ref-link-section-d61545229e641">46</a></sup> assuming B is a mature person legally and morally responsible for their actions, A subrogates B's exercise of free will and judgement and, as a result, A and B's actions (or non-actions) are not to the benefit of B (and may directly benefit A or his or her proxies). Domination of B can take a variety of forms including force, threats and the lack of any other viable option (including non-compliance). In all cases, instruments of coercion must be perceived by B as credible and as having consequences greater than the immediate costs of compliance. Coercion may be personal, and may also be aimed at a class or group of people who have neither the capacity to resist nor a reasonable claim on another institution or authority for protection. Again, this is a complex web of statements and conditions. By our account, coercion is more than an issue of costs and benefits. It also involves harm done to others by reason of the denial of their free will and judgement.</p><p>Is the ‘new’ paternalism coercive? While it may be difficult to demonstrate the net-benefit to B of acting on B's behalf except in an abstract manner, as noted above, assuming A (a company or plan sponsor) abides by the principles and practices of fiduciary duty, auto-enrolment and the package of related policies should not benefit A (except, perhaps, in an incidental manner). Assuming auto-enrolment is not accompanied by the use of force, threats or intimidation, the ‘new’ paternalism is not directly coercive. But this does depend upon the formal process of auto-enrolment and the ease of executing the opt-out option (if desired). Auto-enrolment accompanied by long periods of ‘lock-in’ and then lack of notification to participants of the timing and means by which the opt-out option is exercised may effectively coerce continuing enrolment albeit by neglect or default. Where a heavy burden is placed on the participant in exercising opt-out options, well beyond the immediate costs of remaining with the plan, the ‘new’ paternalism may be coercive (albeit lacking force or threats).</p><p>In the consumer world, there are many examples of unscrupulous companies taking advantage of the insights gleaned from the behavioural revolution. The automatic roll-over of monthly and yearly direct debts, the obscure placement of opt-out tick-boxes in complex enrolment forms and the onus placed on customers to apply for so-called ‘automatic’ discount entitlements are all designed to take advantage of customers' lack of attention. Inevitably, most financial issues are complex and difficult to understand in terms of their contracts and long-term consequences. This may have implications for certain classes of people.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 47" title="Stanovich, K. E. and West, R. E. (2000) Individual differences in reasoning: Implications for the rationality debate. Behavioral and Brain Sciences 23: 645–665." href="/article/10.1057/pm.2008.38#ref-CR47" id="ref-link-section-d61545229e650">47</a></sup></p></div></div></section><section data-title="CONSULTATION AND TACIT CONSENT"><div class="c-article-section" id="Sec4-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec4">CONSULTATION AND TACIT CONSENT</h2><div class="c-article-section__content" id="Sec4-content"><p>At the heart of the ‘new’ paternalism is an asymmetrical relationship between ‘planners’ and the intended beneficiaries of plans. This relationship can be described as follows: being aware of the finance-related cognitive shortcomings of beneficiaries, planners design and put in place decision-frameworks that channel and prompt behaviour arguably consistent with the beneficiaries' long-term interests. Either unaware of, or inattentive to, their cognitive shortcomings, many beneficiaries implicitly consent to participate in plans; they do so either by signing an employment contract, or by trusting in the best intentions of planners, or both. One way or another, planners have the knowledge and expertise to anticipate the likely actions of beneficiaries. In this sense, being responsible for designing plans, planners control the terms and conditions of plans and hence the likely behaviour of the plans' beneficiaries. This is clearly paternalistic (in a good sense).</p><p>However, this is also privileged position. And it carries certain obligations, one of which is not to exploit the knowledge of beneficiaries' shortcomings. In this regard, it is possible that planners are subject to legally inscribed duties to beneficiaries and may be sanctioned for any failure to fulfil those duties. Of course, one of the problems in this relationship is its asymmetrical character – it may be very difficult for any beneficiary to obtain the knowledge and information necessary to challenge the actions of the planner.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 48" title="Clark, G. L. (2006) The Regulation of Pension Fund Governance. In: G.L. Clark, A.H. Munnell and J.M. Orszag (eds.) The Oxford Handbook of Pensions and Retirement Income. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR48" id="ref-link-section-d61545229e663">48</a></sup> More generally, it could be argued that the ‘power’ of the planner is such that she/he is obliged to test the consent of beneficiaries to these arrangements, especially when circumstances change on either or both sides of the relationship. In any event, given the inevitable problems in demonstrating the long-term benefits of paternalism, the planner may come to see that there is a relationship between testing for consent and maintaining the legitimacy of the arrangements.</p><p>Surely, the virtue of the ‘new’ paternalism's automatic enrolment process is the opt-out option. Doesn't the fact that the vast majority of participants choose <i>not</i> to exercise this option warrant the related claim by planners that those participants tacitly consent to the arrangement? The status of tacit or implicit consent is more problematic than perhaps recognised. Simmons<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 49" title="Simmons, A. J. (1979) Moral Principles and Political Obligations. Princeton, NJ: Princeton University Press." href="/article/10.1057/pm.2008.38#ref-CR49" id="ref-link-section-d61545229e673">49</a></sup> used an example from the management of a meeting to suggest that, as normally understood, tacit consent can be claimed only (1) when participants understand the significance of their lack of objection; (2) when participants are aware of the procedures that may be used to voice objection and (3) when participants appreciate the need for timely objection consistent with the implication of the related policies. Where these conditions are not met by happenstance, the availability of an opt-out option would not be sufficient to claim participants' implied consent. Where these conditions were not met by reason of planners' deliberate obfuscation of the terms and conditions for agreement, it could be argued that consent has been coerced and is illegitimate.</p><p>Simmons<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 48" title="Clark, G. L. (2006) The Regulation of Pension Fund Governance. In: G.L. Clark, A.H. Munnell and J.M. Orszag (eds.) The Oxford Handbook of Pensions and Retirement Income. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR48" id="ref-link-section-d61545229e680">48</a></sup> goes on to introduce two further conditions (reflecting the comments made above) for the claim of consent to be legitimate: (4) the mechanisms for voicing disagreement must be reasonably exercised and (5) the costs of voicing disagreement must not be punitive (over and above the costs of alternative courses of action). Both are entirely appropriate and, with the other three conditions, provide a template by which to judge the efficacy of an opt-out option. They could act, as well, as a checklist that could be easily incorporated into a plan's trust deed and into government rules and regulations. An independent auditor could be charged with the responsibility of certifying their utility and reasonableness (subject to a code of best practice or regulation). But this may not be sufficient. The asymmetrical problem is that tacit consent is claimed by the planners, not ‘given’ by the beneficiaries. So, a further test of consent may be necessary, one that requires actions by beneficiaries that indicate <i>consensual</i> participation in schemes and their conditions. Given the long time horizon over which target-date funds function and the sensitivity of beneficiaries to the funds' performance the closer they come to the target date of retirement, it may be appropriate to test participants' ‘consent’ by simple checks on their attention to the asset switching process.</p><p>Notwithstanding the published research devoted to behavioural anomalies in DC and self-directed pension plans, there are few papers that have sought to test participants as regards the nature and frequency of desired consultation. If there are surveys on these issues, the results remain with the consulting companies. For this paper, we draw upon the approximately 950 responses to a 2006 representative sample survey of UK participants in DC and self-directed plans sponsored by Mercer Human Resource Consulting. Results from that survey have been reported in Clark and Strauss<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 3" title="Clark, G. L. and Strauss, K. (2008) Pension-related individual risk propensity, and the effects of socio-demographic characteristics and a spousal pension entitlement. Ageing and Society 28: 847–874." href="/article/10.1057/pm.2008.38#ref-CR3" id="ref-link-section-d61545229e691">3</a></sup> and Clark <i>et al.</i><sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e697">18</a></sup> Included in the nearly 80 questions posed to respondents in an intensive telephone interview was a question about the extent to which respondents would wish to be consulted in plan-initiated asset switching as participants near the date of retirement. The question (#48) was posed in the following manner: ‘As people approach retirement, it may make sense for them to move their pension savings out of high risk investments such as equities, so that they do not suffer from a short-term fall in the stock market. Which of the following would you prefer to happen in the years leading up to your retirement?’</p><p>A set of five options were provided to respondents, ranging from a high level of individual control (Option 1) to a low level of individual control (Option 3), to don't know (Option 4) and NA (Option 5). Specifically, Option 1 provided ‘For your pension provider to advise you to move your savings to lower risk funds, but leave it to you to decide what (if any) changes to make’. Option 2 provided ‘For your pension provider to advise you to move your savings to lower risk funds, and to recommend a selection of funds to you’. Option 3 provided ‘For your pension provider to automatically move your savings to lower risk funds and to tell you that they are doing this and why’. Option 4 was, as indicated, ‘Don't know’ and Option 5 was NA. The survey did not directly test the expressed commitment or otherwise of respondents to target-date funds, but it did test respondents on their willingness or otherwise to let the plan sponsor take responsibility for a crucial element in target-date funds: the asset switching process as the participant nears retirement.</p><p>Many social scientists are sceptical of expressed preferences, preferring observed actions as opposed to the views of respondents who may seek interviewer approval. Nonetheless, there is evidence from a variety of disciplines that in domain-specific tests of opinion there is a close relationship between expressed preferences and action.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 50" title="Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J. and Wagner, G. G. (2005) Individual Risk Attitudes: New Evidence from a Large, Representative, Experimentally-Validated Survey. Bonn: Institute for the Study of Labor. Discussion Paper 1730." href="/article/10.1057/pm.2008.38#ref-CR50" id="ref-link-section-d61545229e706">50</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 51" title="Dorn, D. and Huberman, G. (2005) Talk and action: What individual investors say and what they do. Review of Finance 9: 437–481." href="/article/10.1057/pm.2008.38#ref-CR51" id="ref-link-section-d61545229e709">51</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 52" title="Weber, E. W., Balis, A.-R. and Betz, N. E. (2002) A domain-specific risk-attitude scale: Measuring risk perceptions and risk behaviors. Journal of Behavioral Decision Making 15: 263–290." href="/article/10.1057/pm.2008.38#ref-CR52" id="ref-link-section-d61545229e712">52</a></sup> In any event, whether the ‘new’ paternalism is effective in setting the parameters for savings plans that rely upon (for example) auto-enrolment and target-date funds may depend upon meeting the range of expectations among plan participants. Otherwise, there is a possibility of taking for granted ‘consent’ and unknowingly ‘coercing’ choice when in fact participants would wish to be directly consulted and involved.</p></div></div></section><section data-title="STATISTICAL STRATEGY AND RESULTS"><div class="c-article-section" id="Sec5-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec5">STATISTICAL STRATEGY AND RESULTS</h2><div class="c-article-section__content" id="Sec5-content"><p>The source of the survey data and the methods used to collect responses consistent with the interests of the survey sponsor are described in detail in Clark and Strauss.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 3" title="Clark, G. L. and Strauss, K. (2008) Pension-related individual risk propensity, and the effects of socio-demographic characteristics and a spousal pension entitlement. Ageing and Society 28: 847–874." href="/article/10.1057/pm.2008.38#ref-CR3" id="ref-link-section-d61545229e724">3</a></sup> It is important to emphasise at this juncture that the survey was intended to be a representative sample of the UK population enrolled in DC and related self-directed pension plans. Those only enrolled in DB plans were excluded. Likewise, it was intended that respondents would come from the private sector, although this condition had to be relaxed as it became difficult to realise the planned number of respondents. Respondents were drawn for telephone interview from lists of potential respondents. To be included in the survey, they had to be currently employed in an organisation with more than 10 employees. Included in the data collection were a number of socio-economic and demographic characteristics including gender, age, income, occupation and spousal circumstances. We have shown that spousal circumstances are significant correlates of risk preferences<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 3" title="Clark, G. L. and Strauss, K. (2008) Pension-related individual risk propensity, and the effects of socio-demographic characteristics and a spousal pension entitlement. Ageing and Society 28: 847–874." href="/article/10.1057/pm.2008.38#ref-CR3" id="ref-link-section-d61545229e728">3</a></sup> and planning for retirement.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e732">18</a></sup></p><p>For the purposes of this study, we began by tabulating the responses to Question 48 by the five options (including NA) by income. These are summarised in <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1057/pm.2008.38#Tab1">Table 1</a>. A number of observations can be made that bear upon subsequent analysis and interpretation of the statistical results. The NA group was very small, and was not included in the analysis of the correlates of consultation. The Option 4 ‘Don't know’ group was surprisingly large, and was also excluded from the analysis of the correlates of desired consultation. Note, in a related 2007 survey of nearly 2400 respondents drawn from a large multinational financial services company operating in London, fewer than 8 per cent of respondents checked the ‘Donapos;t know’ option and about 10 per cent skipped the question (probably NA). Finally, in terms of the distribution of respondents by income classes, the fact that most respondents were clustered at the lower end of the distribution reflects the strategy of the survey designers and our interest in a representative UK sample. We return to the significance of income for desired consultation below.</p><div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-1"><figure><figcaption class="c-article-table__figcaption"><b id="Tab1" data-test="table-caption">Table 1 Level of consultation desired by income</b></figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1057/pm.2008.38/tables/1" aria-label="Full size table 1"><span>Full size table</span><svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div><h3 class="c-article__sub-heading" id="Sec6">Correlates of an expressed preference for consultation</h3><p>To better understand the correlates of an expressed preference for consultation, we constructed a dependent variable out of the first three options such that it can be interpreted as the likelihood that respondents expressed a strong preference for consultation (that is, Option 1). Drawing upon our previous research on the correlates of retirement planning<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e1079">18</a></sup> and the correlates of risk preference in asset allocation,<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 3" title="Clark, G. L. and Strauss, K. (2008) Pension-related individual risk propensity, and the effects of socio-demographic characteristics and a spousal pension entitlement. Ageing and Society 28: 847–874." href="/article/10.1057/pm.2008.38#ref-CR3" id="ref-link-section-d61545229e1083">3</a></sup> we sought to determine whether age, gender, income, the expected replacement rate and household circumstances were significant correlates or predictors of a strong preference for consultation. Recall that in Clark <i>et al</i>,<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e1090">18</a></sup> we demonstrated that the older the respondents, the higher their income, the fact that they recognised that supplementary pensions are designed to replace earned income and the fact that some households included spouses with a similar entitlement were all positive predictors of an increasing likelihood that respondents believed retirement planning to be important. We had every expectation that these variables would be also important in the demand for consultation in sponsor-prompted asset switching leading up to retirement.</p><p><a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1057/pm.2008.38#Tab2">Table 2</a> summarises the results of the ordinal logistic regression (OLR) including these socio-economic variables and a number of other risk-related variables (see below). In this case, based on the sample excluding the ‘Don't knows’ and NA respondents, it was found that being female and having a higher income were significant and positive predictors of an expected high level of consultation. By contrast, having a spouse with a related entitlement, relying upon another for retirement welfare, and being older were significant but negative, suggesting that these types of respondents were less likely to demand a high level of consultation. Note, as well, the region of residence was a significant and positive predictor of an expressed preference for a high level of consultation <i>if</i> respondents lived in either East Anglia or Scotland (compared with London). As we have noted before, there is a distinctive geography to UK private pension provision and expectations that deserves more scrutiny.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 19" title="Clark, G. L. and Knox-Hayes, J. (2007) Mapping UK pension benefits and the intended purchase of annuities in the aftermath of the 1990s stock market bubble. Transactions, Institute of British Geographers 32: 539–555." href="/article/10.1057/pm.2008.38#ref-CR19" id="ref-link-section-d61545229e1102">19</a>, <a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 53" title="Sunley, P. (2000) Pension exclusion in grey capitalism: Mapping the pensions gap in Britain. Transactions, Institute of British Geographers 25: 483–501." href="/article/10.1057/pm.2008.38#ref-CR53" id="ref-link-section-d61545229e1105">53</a></sup></p><div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-2"><figure><figcaption class="c-article-table__figcaption"><b id="Tab2" data-test="table-caption">Table 2 Results of ordinal logistic regression estimating the impact of geography, socio-demographics and risk/information variables on perceived importance of planning</b></figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1057/pm.2008.38/tables/2" aria-label="Full size table 2"><span>Full size table</span><svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div><p>Not significant was the expected value of the pension in terms of retirement income.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e2126">18</a></sup> We also sought to determine if respondents' confidence in retirement planning or their risk preferences and tolerance were significant variables affecting the demand for consultation. In the survey, a number of questions were asked regarding respondents' confidence in making ‘financial preparations’ for retirement (Q11), their understanding of the ‘savings and investment options available for long-term financial planning’ (Q12) and their confidence in the accumulation of money for retirement (Q44b). We asked respondents for their level of satisfaction with the company pension plan (Q20b, Q20c) and whether they would like to plan for retirement but don't know what to do (Q15) or can't afford to do so (Q16). On a yearly basis, we asked how often they initiate switching of assets between investments so as to reap ‘the best possible return’ (Q47) and how risk tolerant they were, providing a choice between ‘the best possible growth’ in savings and ‘safe and secure savings’ (Q25).</p><p>Having sifted these related questions for evidence of cross-correlation, it was found that those who expressed a high level of confidence in their understanding of savings and investment options for long-term planning and those who expressed a high degree of confidence in the value of the company plan were more likely to demand a high level of consultation over the transition to retirement. In a series of other tests, where we restricted the number of variables included in the OLR and hence expanded the number of observations available for analysis, the only other variable found significant and with a positive sign was the realisation that supplementary pensions replace a portion of earned income. Taken with the significant parameters on gender, higher income and family circumstances, there seemed to be a group of active planners in our sample that were very conscious of the role that their plan will play in their future retirement welfare. Equally, there were respondents who, by virtue of their lack of confidence in themselves and others, were less likely to demand a high level of consultation.</p><h3 class="c-article__sub-heading" id="Sec7">Correlates of no expressed preference for consultation</h3><p>We now turn to the group of respondents who were either unwilling or not able to express a preference for one of three levels of consultation. In this case, the whole sample was divided into two groups ‘Know’ (0) and ‘Don't know’ (1) and a logit model deployed to estimate the probability of ‘Don't know,’ using the full range of variables identified above. Unfortunately, there were a large number of respondents that failed to indicate a response to each and every issue. Nonetheless, the estimated model reported in <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1057/pm.2008.38#Tab3">Table 3</a> was robust.</p><div class="c-article-table" data-test="inline-table" data-container-section="table" id="table-3"><figure><figcaption class="c-article-table__figcaption"><b id="Tab3" data-test="table-caption">Table 3 Logistic regression estimating the correlates of geography, socio-demographics and risk/information variables on ‘Don't know’</b></figcaption><div class="u-text-right u-hide-print"><a class="c-article__pill-button" data-test="table-link" data-track="click" data-track-action="view table" data-track-label="button" rel="nofollow" href="/article/10.1057/pm.2008.38/tables/3" aria-label="Full size table 3"><span>Full size table</span><svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-chevron-right-small"></use></svg></a></div></figure></div><p>Here, it is apparent that some of the socio-economic variables identified above and in Clark <i>et al</i><sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e3132">18</a></sup> as significant predictors of the likelihood of retirement planning were <i>not</i> significant. Even so, consistent with our findings above, those respondents less likely to express ‘Don't know’ were those with higher income and those who recognised the value of the pension for future income, while those more likely to indicate ‘Don't know’ were those who indicated a reliance on others. Similarly, those who expressed a high level of confidence in their understanding of savings and investments and those who expressed a high level of confidence in the company savings plan were less likely to indicate ‘Don't know’. Those more likely to express ‘Don't know’ were those who were less likely to switch savings and investments in planning for the future and those who indicated that they could not afford to plan their retirement. Respondents in the ‘Don't know’ category seemed to see the consultation process as irrelevant to their interests or lacked confidence in the planning process.</p><p>In sum, we might have expected these results. Lack of confidence in pension planning combined with a lack of engagement in retirement savings plans are consistent with disengagement with sponsor-led management of the transition to retirement. That neither region of residence, age, gender nor spousal pension entitlement were positively or negatively significant in determining the ‘Don't know’ category suggests that those respondents that fell into this category could have strong views about the perceived quality of plan governance and proffered advice and would act accordingly in terms of their willing engagement in the retirement saving process.</p></div></div></section><section data-title="DIVERSITY, PATERNALISM AND POLICY"><div class="c-article-section" id="Sec8-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec8">DIVERSITY, PATERNALISM AND POLICY</h2><div class="c-article-section__content" id="Sec8-content"><p>The results of our consultative ‘model’ are broadly consistent with those obtained in Clark and Strauss<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 3" title="Clark, G. L. and Strauss, K. (2008) Pension-related individual risk propensity, and the effects of socio-demographic characteristics and a spousal pension entitlement. Ageing and Society 28: 847–874." href="/article/10.1057/pm.2008.38#ref-CR3" id="ref-link-section-d61545229e3151">3</a></sup> and Clark <i>et al.</i><sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 18" title="Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The significance of socio-economic status, financial sophistication, salience and the scale of deliberation in UK retirement planning. Available at SSRN 
 http://ssrn.com/abstract=1194070
 
 ." href="/article/10.1057/pm.2008.38#ref-CR18" id="ref-link-section-d61545229e3157">18</a></sup> Here, the range of significant socio-economic variables was quite similar to that found for our paper on retirement planning. The significance of age, gender, income, spousal entitlement and reliance on another provide a compelling set of socio-economic indicators (positive and negative) as regards the types of respondents who may demand a high level of consultation in planning for retirement. These findings also reinforce a related argument in the literature about the rate of return on ‘attention’ and whether plan participants appreciate the value of a supplementary pension for their long-term retirement income.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 35" title="Gabaix, X., Laibson, D., Moloche, G. and Weinberg, S. (2006) Costly information acquisition: Experimental analysis of a boundedly rational model. American Economic Review 96: 1043–1068." href="/article/10.1057/pm.2008.38#ref-CR35" id="ref-link-section-d61545229e3161">35</a></sup></p><p>We should acknowledge, nonetheless, that the results are, at this stage, indicative rather than definitive. Although a great deal of effort was put into ensuring the survey sample was representative of the UK population and focused on those currently enrolled in private DC and self-directed pension savings schemes, we have noted in Clark and Strauss<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 3" title="Clark, G. L. and Strauss, K. (2008) Pension-related individual risk propensity, and the effects of socio-demographic characteristics and a spousal pension entitlement. Ageing and Society 28: 847–874." href="/article/10.1057/pm.2008.38#ref-CR3" id="ref-link-section-d61545229e3167">3</a></sup> that there were problems in meeting the ambitious goals set for the data collection phase. This is apparent in the fact that the survey records were incomplete for a number of respondents, cutting our capacity to use the entire sample to estimate the models. More generally, there is another shortcoming that has become more obvious to us as we have been involved in a large survey of one DC plan sponsor in the UK financial services industry. Our respondents in the UK representative sample have answered the survey questions from their own experience and, as such, we are unable to judge whether those responses are consistent with others' in the same plan.</p><p>Nonetheless, in this section we aim to tease-out implications from the statistical results so as to interrogate claims made on behalf of the ‘new’ paternalism. In doing so, we emphasise a crucial finding embedded in the results summarised in <a data-track="click" data-track-label="link" data-track-action="table anchor" href="/article/10.1057/pm.2008.38#Tab2">Table 2</a>: the apparent diversity of opinions and expectations of those respondents enrolled in UK DC and self-directed plans. We leave to another time the role that geography (region of residence) seems to play here and elsewhere in distinguishing between groups of UK respondents' attitudes and opinions.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 19" title="Clark, G. L. and Knox-Hayes, J. (2007) Mapping UK pension benefits and the intended purchase of annuities in the aftermath of the 1990s stock market bubble. Transactions, Institute of British Geographers 32: 539–555." href="/article/10.1057/pm.2008.38#ref-CR19" id="ref-link-section-d61545229e3177">19</a></sup></p><p>Our respondents were divided into two groups as follows, one larger than the other: those who desire some level of consultation when plan sponsors initiate asset switching before retirement and those who really ‘Don't know’ what to do in these circumstances. The first, larger group would not be satisfied with an automatic asset switching process; they would demand some level of consultation even if they would then accede to sponsor policy. We could break this group into three by level of expected consultation. There are, as well, respondents who are in any event quite active in initiating asset switching. They may be a subset of each, or a group in their own right. Whether these groups would appear in each and every plan is impossible to determine – the offer of three consultation options may have prompted respondents to make a response that could change as the nature and number of options change. We may have identified a similar effect, argued to be characteristic of plan participants when offered asset classes to allocate their available funds.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 14" title="Benartzi, S. and Thaler, R. (2005) Save more tomorrow: Using behavioral economics to increase employee savings. Journal of Political Economy 112: 164–187." href="/article/10.1057/pm.2008.38#ref-CR14" id="ref-link-section-d61545229e3183">14</a></sup> Still, that respondents would respond positively but differentially to consultation is an important finding.</p><p>What of the ‘Don't know’ group? On the face of it, this group is clearly a prime target for the policies of the ‘new’ paternalism: lack of recognition of the significance of the issue is surely one condition for prompting enrolment on their behalf. But, our results suggest that such a response might cut against a number of rather different considerations. In fact, there could be another three different types of respondents: those who do not appreciate the significance of pension plans for their retirement income and could be designated <i>ignorant</i>; those who simply can't afford to save for retirement and therefore don't see the relevance of the issue and could be designated <i>discouraged</i>; and those who do not have confidence in the employer and could be designated <i>disaffected</i>. Each of these subgroups may include a number who are just not engaged in the issue. It would be consistent with the motives behind the ‘new’ paternalism to enrol the ignorant. But can the same be said for those discouraged and disaffected? The former may have other immediate goals like saving for the purchase of a house. The latter may have good reason to be doubtful about the integrity of the plan sponsor.</p><p>Auto-enrolment without an adequate process of consultation may be judged coercive by those who demand a high level of engagement or by those who are quite active themselves in the asset allocation process. Equally, auto-enrolment of those discouraged and disaffected may be judged coercive, especially if the process of opt-out is cumbersome, difficult to activate and demanding in terms of the required cognitive and emotional skills.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 54" title="Bodie, Z. and Treussard, J. (2007) Making investment choices as simple as possible: An analysis of target date retirement funds. Available at SSRN 
 http://ssrn.com/abstract=900005
 
 ." href="/article/10.1057/pm.2008.38#ref-CR54" id="ref-link-section-d61545229e3203">54</a></sup> In any event, the co-existence of a diversity of participants' expectations and (implied) motives, if systematically replicated in UK DC and self-directed plans, suggests that plan sponsors have a significant obligation to consult with participants as to their needs and expectations. We would argue, as well, that UK DC plan sponsors might have to take seriously the design and governance of their plans in relation to participants' expectations – perhaps more so than is currently the case.</p></div></div></section><section data-title="CONCLUSIONS"><div class="c-article-section" id="Sec9-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="Sec9">CONCLUSIONS</h2><div class="c-article-section__content" id="Sec9-content"><p>When considered over the past 150 years, British pension policy has been pre-occupied with individual sovereignty. The debate over old age poverty in late nineteenth-century London combined a genuine concern for the welfare of older people with the liberalism of John Stuart Mill, emphasising the proper responsibility of individuals for their own wellbeing and that of their families. When debating passage of the 1908 Old Age Pension, the government returned time and again to both the future cost of the state pension and the importance of balancing its paid benefit against the costs of disincentives on individuals to save for themselves.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 55" title="Clark, G. L. and Whiteside, N. (2003) Introduction. In: G.L. Clark and N. Whiteside (eds.) Pension Security in the 21st Century. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR55" id="ref-link-section-d61545229e3215">55</a></sup> For all the significance of the Beveridge Report of 1944 for welfare and national health policy, the value of the British State Basic Pension remains modest compared with OECD countries.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 8" title="Organisation for Economic Cooperation and Development (OECD). (2007) Closing the Pensions Gap: The Role of Private Pensions. Paris: Organisation for Economic Cooperation and Development (OECD). Policy Brief, September." href="/article/10.1057/pm.2008.38#ref-CR8" id="ref-link-section-d61545229e3219">8</a></sup> The recent Pensions Commission's<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 11" title="Pensions Commission. (2005) A New Pension Settlement for the Twenty-First Century: The Second Report of the Pensions Commission. London: HM Stationery Office." href="/article/10.1057/pm.2008.38#ref-CR11" id="ref-link-section-d61545229e3223">11</a></sup> recommendations are based on encouraging individual thrift notwithstanding a commitment to improving the welfare of the poorest people in retirement.</p><p>Late nineteenth-century debate over old age poverty was also pre-occupied by the notion of moral worthiness; those people, who by no reason other than the adverse circumstances of the time, were deemed worthy of receiving state support. Equally, there were those by reason of their own fecklessness who were deemed not worthy of receiving state support. If once framed in terms of worthiness, contemporary market liberalism is not obviously about individual moral virtue. But it is committed to the principle of individual autonomy and encouraging a clear link between saving for tomorrow and future retirement income. So, it may seem surprising that the ‘new’ paternalism is willing to trump individual decision-making with auto-enrolment, directed savings vehicles and behavioural prompts that have as their goal outcomes ‘better’ than those that individuals may be able to achieve on their own. This policy recipe would appear to be the antithesis of what many critics have claimed to be a pervasive neoliberal turn to the individualisation of welfare.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 16" title="Langley, P. (2008) The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR16" id="ref-link-section-d61545229e3230">16</a></sup></p><p>Whereas Victorians blamed feckless individual behaviour and thereby absolved the state of responsibility, modern liberals have argued for greater financial literacy as a means of empowering individual responsibility for financial decision-making (absolving the state for responsibility for income inequalities resultant from apparent differential individual performance in financial markets). By contrast, the ‘new’ paternalism has a radical interpretation of the behavioural revolution: given apparent cognitive biases and anomalies, it is wrong to ‘blame’ people for their short-termism, and it is mistaken to believe that people have the cognitive skills to function in financial markets to the level needed to be effective decision-makers. By this logic, financial literacy is simply a panacea rather than a solution to profound human traits. The ‘new’ paternalism is hence motivated by a realisation that exhortations to be more ‘moral’ or more ‘rational’ lack credibility in the face of the findings of behavioural research, and hence the lessons are drawn for the design of pension institutions and policy.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 56" title="Mitchell, O. S. and Utkus, S. P. (eds.) (2004) Pension Design and Structure: New Lessons from Behavioral Finance. Oxford, UK: Oxford University Press." href="/article/10.1057/pm.2008.38#ref-CR56" id="ref-link-section-d61545229e3236">56</a></sup></p><p>Nonetheless, the ‘new’ paternalism remains deeply entwined with liberalism.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 15" title="Thaler, R. and Sunstein, C. R. (2008) Nudge: Improving Decisions About Health, Wealth and Happiness. New Haven, CT: Yale University Press." href="/article/10.1057/pm.2008.38#ref-CR15" id="ref-link-section-d61545229e3242">15</a></sup> This can be seen in a number of ways, most obviously in the obligations owed by pension ‘planners’ to individual plan participants and beneficiaries. The presumption in favour of planners' expertise compared with plan participants' must be balanced by the duties and obligations that planners owe participants. Otherwise, the ‘new’ paternalism could become authoritarian and even exploitive of participants, given the limited mechanisms available for participants individually and collectively to affect the actions of planners. Whereas the adoption of DC and self-directed pension plans and the closure of DB plans by employers was intended to shift the responsibility and risks of pension and retirement planning to employees, the ‘new’ paternalism has brought back to plan sponsors a heavy responsibility for ensuring the equitable governance and management of plans. If, as yet, not entirely recognised as such in the UK, the 2006 passage of the Pension Protection Act in the USA has set the agenda for greater regulation of such plans.</p><p>At another level, however, the ‘new’ paternalism also runs the risk of denying the diversity of interests and expectations of plan participants by favouring frameworks that apply to all enrolled participants. There is little doubt that auto-enrolment, related investment products and common decision cues effectively economise the costs of pension provision for those covered. This is one of the virtues claimed for the UK NPSS. But as we have sought to show in this paper, there may be considerable differences in the degree of consultation expected by plan participants on core elements of the ‘new’ paternalism agenda. These expectations have a legitimate claim to be canvassed and heard; to deny their veracity would be to deny the respect owed to citizens' expressions of interest and commitment.<sup><a data-track="click" data-track-action="reference anchor" data-track-label="link" data-test="citation-ref" aria-label="Reference 57" title="Pettit, P. (2006) Neuroscience and Agent-Control. In: D. Ross, D. Spurrett, H. Kincaid and G.L. Stephens (eds.) Distributed Cognition and the Will. Cambridge, MA: MIT Press." href="/article/10.1057/pm.2008.38#ref-CR57" id="ref-link-section-d61545229e3250">57</a></sup> Granted, not all participants may be so motivated; our results are clear on this count – higher income participants with a significant stake in the outcome of planners' decision-frameworks are likely to claim centre stage while most other participants may be acquiescent.</p><p>But our results suggest there are participants who may be neither engaged (discouraged) in savings programmes nor confident in the capacity of plan sponsors and their planners to make a difference (disenchanted) to retirement prospects. Here, the ‘new’ paternalism faces a significant challenge: to respond in effective ways to those seeking a certain level of engagement in the planning process while mobilising the commitment of those otherwise discouraged and disenchanted and who may see auto-enrolment as simply an unwarranted tax on their incomes. These groups may be precisely those that pension planners would seek to have enrolled in these types of programmes. But they may be neither entirely willing nor entirely grateful for the experience. It is their interests that may have to be ‘trumped’ by pension planners eager to affect the long-term welfare of all participants. 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We would especially like to thank Mercer Human Resource Consulting for their sponsorship of the CASE Award, the continuing interest of Divyesh Hindocha and the comments and thoughts of Kendra Strauss. We also acknowledge advice on behaviouralism provided by Emiko Caerlewy-Smith, the late John C. Marshall and Ashby Monk. Thanks also go to Roberto Duran-Fernandez for research assistance. None of the above should be held accountable for any errors or omissions.</p></div></div></section><section aria-labelledby="author-information" data-title="Author information"><div class="c-article-section" id="author-information-section"><h2 class="c-article-section__title js-section-title js-c-reading-companion-sections-item" id="author-information">Author information</h2><div class="c-article-section__content" id="author-information-content"><h3 class="c-article__sub-heading" id="affiliations">Authors and Affiliations</h3><ol class="c-article-author-affiliation__list"><li id="Aff1"><p class="c-article-author-affiliation__address">Centre for Employment, Work and Finance, Oxford University Centre for the Environment, South Parks Road, OX1 3QY, Oxford, UK</p><p class="c-article-author-affiliation__authors-list">Gordon L Clark</p></li></ol><div class="u-js-hide u-hide-print" data-test="author-info"><span class="c-article__sub-heading">Authors</span><ol class="c-article-authors-search u-list-reset"><li id="auth-Gordon_L-Clark-Aff1"><span class="c-article-authors-search__title u-h3 js-search-name">Gordon L Clark</span><div class="c-article-authors-search__list"><div class="c-article-authors-search__item c-article-authors-search__list-item--left"><a href="/search?dc.creator=Gordon%20L%20Clark" class="c-article-button" data-track="click" data-track-action="author link - 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The ‘new’ paternalism, consultation and consent: Expectations of UK participants in defined contribution and self-directed retirement savings schemes. <i>Pensions Int J</i> <b>14</b>, 58–74 (2009). https://doi.org/10.1057/pm.2008.38</p><p class="c-bibliographic-information__download-citation u-hide-print"><a data-test="citation-link" data-track="click" data-track-action="download article citation" data-track-label="link" data-track-external="" rel="nofollow" href="https://citation-needed.springer.com/v2/references/10.1057/pm.2008.38?format=refman&flavour=citation">Download citation<svg width="16" height="16" focusable="false" role="img" aria-hidden="true" class="u-icon"><use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-eds-i-download-medium"></use></svg></a></p><ul class="c-bibliographic-information__list" data-test="publication-history"><li class="c-bibliographic-information__list-item"><p>Received<span class="u-hide">: </span><span class="c-bibliographic-information__value"><time datetime="2008-10-24">24 October 2008</time></span></p></li><li class="c-bibliographic-information__list-item"><p>Revised<span class="u-hide">: </span><span class="c-bibliographic-information__value"><time datetime="2008-10-24">24 October 2008</time></span></p></li><li class="c-bibliographic-information__list-item"><p>Published<span class="u-hide">: </span><span class="c-bibliographic-information__value"><time datetime="2009-03-03">03 March 2009</time></span></p></li><li class="c-bibliographic-information__list-item"><p>Issue Date<span class="u-hide">: </span><span class="c-bibliographic-information__value"><time datetime="2009-02-01">01 February 2009</time></span></p></li><li class="c-bibliographic-information__list-item c-bibliographic-information__list-item--full-width"><p><abbr title="Digital Object Identifier">DOI</abbr><span class="u-hide">: </span><span 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