More than 10 million people will be newly saving or saving more as a result of auto-enrolment by 2020, according to the latest figures from the Department of Work and Pensions (DWP).
The government department has also calculated some £17bn more a year will be saved into workplace pensions by auto-enrolment-inspired savers by 2019/20. The breakdown of the £17bn figure expects £6.4bn to be contributed by employers, £8bn by employees and £2.5bn of tax relief on employee contributions. The latest figures are based on the most recent ‘DWPmodelling' analysis of the 2015 annual survey of hours and earnings, and evidence from the employers' pension provision survey 2015. "What auto-enrolment has achieved so far has been a huge success," said Aegon head of pensions Kat...
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