Auto-enrolment has proved a great success in its first five years but, warns Chris Knight, the financial services sector has much work to do to ensure Britain's workers actually end up enjoying a comfortable retirement
Five years on from its implementation and nearly 10 years since it was first mooted in 2008, more than 10 million people are expected to be newly saving or saving more into workplace pensions by 2020. More people are becoming engaged in their pensions and, importantly, are now saving towards retirement. In total, the Department for Work and Pensions expects around £17bn to be added to UK pensions every year by 2019/20 as a result of auto-enrolment. Despite the achievement of signing up millions of people to pension schemes, however, there are a number of challenges that, as an industr...
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