Auto Enrolment should be to a State Sponsored Defined Benefit Scheme

[PMU]

This can be mitigated at design stage with the right governance set-up to keep it as far away from politicians as possible.

You are correct and the only way to do this is for a complete ban on domestic (i.e. IE) investment. This problem was pointed out when the NPRF was set up. But it was not taken on board and the fund was politicised.

 

[Colm Fagan]

Duke, you're making my points for me! All those cross-subsidies are among the reasons why people hate annuities. The state pension is seen differently. It's a tax while you're working; it's a benefit when you're retired.
As @NoRegretsCoyote intimates, people will associate this new scheme with property rights: "This is my account; I want to see it grow as I pay more contributions and as interest accrues; I want to spend what's in the account when I retire and, if I'm not around to spend it, I want it going to my family or my estate, not to the great unwashed."
Differences in mortality rates between rich and poor are significant and there is a real and systematic transfer of resources. I'm also happy to be a leftie if it helps my cause!