DWP (Department For Work & Pensions) yesterday hailed the new Auto Enrolment Pension rules that became mandatory for large employers last October as a big success.
Over the last year, more than a million workers have been auotmatically enrolled into a pension plan for the first time with only 10% of the workforce opting out of the new rules.
Charlotte Jackson, Head of Information and Guidance, The Pensions Advisory
“This is great news that so many workers, especially younger people are
taking advantage of saving into a workplace pension. Even for those working
part-time, it’s important to save as much as you can, as often you can for later
Retireeasy agrees, particularly as State Pension Reform is likely to lead to a lower State pension for the younger generation and a much later age to access it.