The Government has pledged to undertake the next stage of pensions reform in the mid-2020s. In 2017, the Government’s Automatic Enrollment Review recommended that the age threshold for automatic enrollment into a pension scheme should be lowered from the age of 22 to 18 and lower the earnings limit so that contributions can be added from the first pound earned.
As Onward set out last year, doing so could mean that the average full-time worker on the National Living Wage earns an additional £93,000 over their lifetime, a 60% increase in their workplace pension savings. Over the lifetime of the current workforce, this additional saving could add trillions of capital to the UK’s pension funds to invest in and level up local economies across the country.
But what is the next stage after that? How might the UK continue to build on the progress made since auto-enrolment was introduced to grow UK savings rates and extend the security of a pension to all groups in society?
This roundtable will bring together a senior group to discuss these questions and the future of auto-enrolment in the UK.
If you would like an invite to this event, please email Angus.Lloyd-Skinner@ukonward.com.
