The Pensions and Lifetime Savings Association (PLSA) has commented on the Investing and Saving Alliance (TISA)’s proposals for automatic enrolment increases.
Nigel Peaple, Director of Policy and Research, PLSA, said: “The PLSA has long held an ambition to see automatic enrolment contributions increased from the current 8% to 12%. We support TISA’s contribution to this important policy area, which builds on similar recommendations in the PLSA’s 2018 Hitting the Target report, including proposals to reach 12% in small and gradual increments and to achieve a 50/50 split between employee and employer contributions.
“Given the huge economic challenges of Covid-19, it is right to take up a gradual, modest and long term approach to the increase to ensure everyone will eventually have an affordable route to having an adequate income in retirement.”
Mark Smith, Senior PR Manager
020 7601 1726 | [email protected]k
Steven Kennedy, PR Manager
020 7601 1737 | 07713 073024 | [email protected]