Number of people saving as a result of automatic enrolment to hit 10 million
New figures by the Department for Work & Pensions ‘DWP’ show that by 2020 over 10 million people are expected to be newly saving or saving more as a result of automatic enrolment. This means that an additional £17 billion a year is projected to be saved into workplace pensions by 2019/20.
The figures also take into consideration that three quarters of the total working population are now estimated to meet the age and earnings criteria for automatic enrolment.
Over 6.7 million people have already been automatically enrolled into a workplace pension by more than 250,000 employers.
On Monday 17th October 2016 the DWP is continuing to push out details of automatic enrolment to employees, aiming to change the country’s perceptions of pensions in the workplace.
More details are able via the link here.
DWP publishes new customer guidance on saving and planning for retirement
The Department for Work and Pensions (DWP) has published three guidance documents on saving and planning for retirement. The guidance includes details of the new state pension and how this can be increased if insufficient for a person’s retirement needs.
All three documents can be accessed using the links below and include content that you may wish to make use of in your communications with clients.
Saving for Retirement if you’re aged 16 - 50
Retirement Planning for Current Pensioners
Planning for Retirement if you are aged 50 and over
At either stage Independent Financial Advice is important and we have Pension Specialists standing by to answer your questions.
Please call or click on the ‘Chat’ button on the web site to start a conversation.
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