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Metlife says the Personal Accounts Delivery Authority must learn from mistakes in the US when designing the target-date funds it is set to recommend as the default for personal accounts.
Speaking at a press briefing in New York, corporate product and market strategies vice-president Cynthia Mallett said target date funds had performed disastrously over the past three years in the US.
She said: "The target-date funds were a disaster in terms of asset class performance in 2007/08 and they have not done very well in 2009 either.
"There have been hearings over the summer to figure out why that happened because everybody thought that target...