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Pension auto-enrolment for all brings us one step closer to levelling up

Times Red Box

Onward Director Will Tanner and Richard Holden MP wrote for Times Red Box following the publication of our report, Levelling Up Pensions. They write:

“a massive chunk of the population are left out. Why does it start at 22? Across the UK roughly half of 18-year-olds go straight into work or an apprenticeship – higher in many constituencies like North West Durham.

Why shouldn’t these taxpayers benefit from the same pension auto-enrolment as their 22-year-old siblings? Especially when four years of paying in between 18 and 22 means up to 50 years of compound interest. Even paying in a few pounds a week on a low wage during that time could leave you £25,000 better off when it comes to retirement.

The biggest iniquity, though, is for those working part-time (and they are much more likely to be women), sometimes in two or more jobs. They could earn £18,000 a year across several part-time roles but miss out on the benefits of auto-enrolment.

You can read the full article here.

 

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