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“It’s fantastic to see that the government has listened to growing calls from the pensions industry to strengthen auto-enrolment. Today’s announcements are a huge leap forward and will help millions of people save more for their future.
“Extending pensions cover to younger people in the workplace is exactly the kind of move that we were hoping to see from the review. The earlier people start saving, the more investment growth can do the heavy lifting for them in saving for their retirement. It also kick-starts the savings habit from an earlier age.
“At a time when half the UK believes they won’t have enough money to support their desired lifestyle once they’ve finished work, it’s vital that we enable people to start planning ahead as soon as possible.
“It’s bizarre that since the inception of auto-enrolment, people’s contributions have not been based on their entire salary. The People’s Pension has long-called for this to change as we believe it’s nonsensical and adds an unnecessary layer of complexity to an already complex system. We are pleased to see that people will now be supported to save more as contributions will now start from the first pound of someone’s pay packet.”
“The government’s decision to test different ways to support self-employed save for their retirement, is an encouraging step forward. Self-employed workers make up 15 per cent of the British workforce, and it is a sector that is under pensioned. It is great to see the Government, looking to build on the lessons of a successful introduction of auto-enrolment, to see how we can extend more pension saving to the self-employed.
“As well as widening access to pensions, this review signals that pension contribution levels will be reviewed after the implementation of the 8% contribution rate in 2019. For many people we know that saving 8% of their salary won’t be enough and what we need is a real and urgent debate as to what the right level needs to be in the future.”
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with 3 million members and over 72,000 employers signed up. Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector. We tweet as @peoplespension.