Auto-enrolment participation rates remained resilient during the Covid-19 pandemic and in the wake of minimum contribution increases, according to a report by Nest Insight.
The firm's third annual Retirement Savings in the UK report revealed between April 2019 and September 2020, despite predictions that significant numbers of people would stop saving for retirement in light of minimum contribution increases and the Covid-19 pandemic, evidence does not back this up. Over the course of Nest's research timeframe, minimum contribution rates increased from 5% to 8% of qualifying salary and the Covid-19 pandemic resulted in national lockdowns which had a significant impact on savings and financial wellbeing of many. The report - which highlights the savings b...
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