Department for Work and Pensions written question – answered on 26 October 2023.
To ask the Secretary of State for Work and Pensions, what steps his Department is taking to expand Automatic Enrolment.
To ask the Secretary of State for Work and Pensions, what steps his Department is taking to encourage people to increase their pension contributions.
This government is clear about the importance of pension saving so that individuals can plan for the retirement they want. We recognise the current minimum contribution rates for automatic enrolment (AE) are unlikely to give all individuals the retirement to which they aspire. That is why we are committed to implementing the 2017 Review measures.
Expanding AE to younger people and helping all eligible workers save from the first pound of earnings will boost overall saving levels, once fully implemented, by an extra £2 billion a year in pension contributions.
Following the successful passage of the Pensions (Extension of Automatic Enrolment) (No. 2) Act 2023, supported by government, we have committed to consult on the detailed implementation of AE expansion and will do so at the earliest opportunity and report to Parliament before using the powers in the Act.
Yes1 person thinks so
No0 people think not
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