Workplace Pension Automatic Enrolment Update
Extension of Automatic Enrolment Bill receive Royal Assent
The new bill will see the age at which eligible workers must be automatically enrolled into a pension scheme, lowered from 22 to 18. The lower earnings limit, which currently stands at £192 a week or £833 per month, is also proposed to be removed.
This change will boost pension savings for employees; however, it is worth remembering that there may also be an impact to your business costs, as well as your employees’ finances, especially for those that may be struggling through the cost-of-living crisis.