Potential changes to auto-enrolment?

Conservative MP Richard Holden, on the 5th Jan, tabled a motion in the House of Commons to extend auto-enrolment to 18-year-olds and workers who are low earners.

The MP from North West Durham said “Auto-enrolment has been one of the massive hidden triumphs of the last decade in the UK, but sadly millions of hard-working British people aren’t benefiting because they’re under 22 or simply not working enough hours”.

Currently to be eligible for auto enrolment the worker needs to be aged between 22-SPA, earning over £10,000 per year.

Think tank, Onward, published a report on the 5th Jan suggesting that over the working life of the current workforce the proposal could add £2.77trn in retirement savings.

For further information on workplace pensions and auto-enrolment we have several blogs on the subject.