UK pensions: New plan to auto enrol teen workers
The Government will outline plans to allow employees to join workplace pension schemes from 18 instead of 22 this week, to build on the success of auto-enrolment.
Work and Pensions Secretary Therese Coffey will applaud the scheme for boosting the number of people in retirement savings schemes and reversing years of falling participation rates.
She will add that in order to build on its success, the Government will lower the eligibility age for joining a workplace scheme.
The lower earnings limit will also change so that pensions contributions are made from the first pay packet.
Coffey said: “Automatic enrolment has been an incredible success. It has transformed the retirement prospects of millions of people, bringing them into a workplace pension when they could otherwise have slipped through the savings net.
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