In a pre-recorded speech screened at the annual conference of the National Association of Pensions Funds in Manchester on October 16, Prince Charles accused the pensions’ industry of failing the interests of millions of savers. The Prince showed concerns about the future of the next generation of pensioners that, according to him, “would be consigned to an exceptionally miserable future” if the pensions industry presists with the short-termism that currently prevails in the sector. Charles asked for a system designed for the 21st century since he believes that the “current focus on quarterly capitalism is becoming increasingly unfit for purpose”.
As EuroFinUse’s “Private Pensions: The Real Returns", which can be downloaded here, pointed out, net returns to savers are often even less than the OECD data would suggest (nearly flat real returns over the last ten years for the products and countries covered and negative returns over the last five years). In addition, medium term outlook is for this trend to continue and probably to deteriorate further, as financial repression is at work against EU pensions savers.
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