Auto-enrolment

Figures show contribution rates fell between 2014 and 2015, amid concerns people could have to work until their 80s. Kristian Brunt-Seymour asks if legislative measures are the answer.

Legislation must be introduced to stop the cost of master trust wind-ups falling on members, the pensions minister says.

More than six million people have started saving into a workplace pension since auto-enrolment (AE) began, with more than 100,000 employers having enrolled employees.

The majority of employers who have successfully introduced auto-enrolment (AE) are only contributing the minimum legal amounts, according to Department for Work and Pensions (DWP) research.

John Cridland has been appointed to lead an independent review of the State Pension age.

Recent Royal London research showed people may need to work until their 80s to secure decent retirement incomes. Helen Morrissey says contribution rates need to be raised sooner rather than later.

The biggest stories on PP this week were warnings that decent retirement could mean working until age 85, and the risks to members from pooling the Local Government Pension Scheme (LGPS).

Pensions will still be the most effective way to save even if higher earners get less tax relief under the chancellor's expected reforms, according to the Institute of Fiscal Studies (IFS).

The majority of employees who contribute up to 5% of earnings into pensions face a significant gap between their actual and desired retirement income according to Punter Southall Aspire.

Legal and General Investment Management (LGIM) is boosting its auto-enrolment (AE) proposition for small businesses by offering an end to end solution for companies yet to stage.