They want people to be self-funding their retirement via private pensions and investments is my guess... Having huge chunks of your population voluntarily investing a larger percentage of their salary is a huge boon for the neoliberal western economy.

People on decent salaries, let's say £50k+ and I to the top tax bracket, are going to increase the amount of salary going to private pension to 1) avoid losing that money to tax and 2) fund a realistic reasonable retirement age.

Personally I already do 12% instead of the mandatory (5% I think?) and my employer matches contributions up to 12% so it's a no brainier really. Though part of me does think, it's essentially gambling on making it to retirement age :joker:. Though they are inheritable at least.