Decrease in auto-enrolment age to help young savers

In December 2017 the Department for Work and Pensions (DWP) proposed a reduction in the age at which employers are required to auto-enrol employees into a workplace pension from 22 to 18. According to the DWP’s Automatic Enrolment Review 2017 this change would increase the number of eligible young savers by 0.9 million.

Our CEO of Standard Life, Barry O’Dwyer, said

"An additional four years of early saving and investing into a workplace pension could make a very positive difference later on in life”.

In this Moneyplus article, Jamie Jenkins, our Head of Pensions Strategy, explains why you’re never too young to start saving -

“For most young people, saving for retirement will be a long way down their priority list. However, getting into the savings habit early and making a start on that nest egg can make a big difference further down the line.”