Auto-Enrolment Changes?

8th April 2024

Could there be Auto-Enrolment changes?


The UK Government has recognised that auto-enrolment contributions need to increase in order to cover projected short-falls in personal pension pots. In September 2023, a bill to reduce the age for auto-enrolment and abolish the lower-level qualification threshold received Royal Assent. It is projected that the average earner’s pension pot could increase by almost 50% if saving across their entire career, while a minimum wage earner could see as much as a 85% increase.


The Department for Work & Pensions (DWP) proposed the launch of a consultation period regarding the implementation of the new measures. However, no mention has been made regarding employer contributions, nor indeed, whether employee contributions will be increased from the current 5% level. Until such time as the results of the consultation is known, it remains uncertain whether the Government will introduce the bill before the next election.


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Contact your local Whitings office today for more information or advice on auto-enrolment.


Disclaimer - All information in this post was correct at time of writing.
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