The changes will mean that lower earners and people working part-time jobs into automatic enrolment
The Department for Work and Pensions has confirmed they will support pension proposals that will lower the age people can start saving.
There will be a statutory requirement to consult and report on the outcomes to inform the implementation approach and timing, before using these powers. Minister for Pensions Laura Trott said: “We know that these widely supported measures will make a meaningful difference to people’s pension saving over the years ahead.
Nigel Peaple, director of policy and advocacy at the Pensions and Lifetime Savings Association , said: “Automatic enrolment has seen over 10 million people newly saving or saving more for a pension in the UK. “We have also long maintained that in order for savers to reach an adequate income in retirement, further increases should be undertaken over the next decade so that rises from an 8% pension contribution today to around 12% in the early 2030s – split 50/50 between employers and employees.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Universal Credit rule could see people visit jobcentre 10 times in two weeksThe DWP staff union warns the change will increase the risk of poverty for working claimants.
Read more »
The one-off DWP payments that will arrive in MarchThe government is offering several forms of support for struggling households amid the cost of living crisis
Read more »
Every one-off DWP payment the government is sending out in March 2023Several cash boosts are to be dished out to eligible people this month amid cost of living crisis
Read more »
Every DWP cost of living payment you could receive this monthAs the cost of living crisis continues to hit households hard, this is every DWP payment you could receive in March
Read more »
DWP announces delay to dashboard enabling people to view State Pension onlinePension schemes were due to start connecting to dashboards from the end of August this year.
Read more »
PIP conditions most-likely to be given a weekly payment of up to £156 from DWPA new claim for PIP or Adult Disability Payment could help with daily living or mobility costs.
Read more »