The Pensions and Lifetime Savings Association (PLSA) makes the following comment in reaction to the Queen’s Speech:
Nigel Peaple, Director of Policy and Advocacy at the PLSA, said: “Given the short-term challenges faced by the country, especially the cost-of-living crisis, it is understandable that the Government did not announce today in the Queen’s Speech measures to enhance workplace pension saving as identified by the 2017 Automatic Enrolment Review. It concluded that workplace pension saving should be marginally increased by introducing saving from the first pound of salary and extending auto-enrolment so that it covers 18- to 21-year-olds.
“The Government has committed to introduce these measures from the “mid-2020s” and, as employers need time to prepare, it would be good to put this on the statute book now with a gradual and clear timetable for the introduction of the measures. The PLSA believes that it would also be desirable for automatic pension saving to be increased further, but not before the end of this decade, and for automatic enrolment pensions to be “levelled up” so that employers pay the same as employees.”
Mark Smith, Senior PR Manager
020 7601 1726 | [email protected]
Steven Kennedy, Senior PR Manager
020 7601 1737 | 07713 073024 | [email protected]