traineeinvestor
Thinks s/he gets paid by the post
If it was a truly individualized account, I would have no problem with this. While I am not a big nanny state guy, the masses have to be protected from themselves. And believe me there are plenty who do not or will not save.
One of the things I like about the Australian model is the element of choice - default options apply but you have the choice of selecting your own investments if you wish or even setting up your own private self managed scheme. I wish we have adopted something similar in Hong Kong (instead of the wealth destroying abomination we did adopt ).