06Jan

UK. MP seeks to extend auto-enrolment to 18-year-olds

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Proposals that would see working 18-year-olds and low earners automatically save into a pension are being put before parliament this week.

Read also UK. Expanding auto-enrolment could cost employers more, experts warn
Conservative MP Richard Holden tabled a motion in the House of Commons on Wednesday to extend auto-enrolment in this way.
Read also UK. FTSE 350 DB pension deficit falls by £28bn; ‘looming risks’ ahead
The proposal looks to boost the pension pots of 18 to 22-year-olds and those who either work part-time or receive low pay.
Read also UK pension risk settlements to see volumes of over £45bn in 2021: Aon
This is in line with the auto-enrolment review, which was conducted in 2017 and recommended a number of improvements to the government’s flagship policy to be implemented by the mid-2020s, including the lowering of the minimum age and changing the way pension contributions are calculated.

Under current rules, these individuals miss out on pension contributions because auto-enrolment does not kick in until people are earning more than £10,000 a year and are over the age of 22.

Holden said: “Auto-enrolment has been one of the massive hidden triumphs of the past decade in the UK, but sadly millions of hardworking British people aren’t benefiting because they’re under 22 or simply not working enough hours.

Read more @Pensions Expert

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