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.