DWP pension change 'would add £100k to worker's pension'
manchestereveningnews.co.ukReforms to the way that young workers start to build up their pension pot which could add close to another £100K to their retirement funds, have been missed once again, according to pensions provider Standard Life.
The pension and insurance giant warned that young people might not be able to save enough money for their retirement, unless the Department for Work and Pensions ramps up how much workers and employers pay into their pension schemes from 8 per cent to 12 per cent.
This would add £96,500 to each workers retirement fund if implemented today, and about £10bn in workplace pension contributions each year.
The government has stated its intent to lower the age at which workers are automatically entered into their workplace pension to 18, but this is not set to happen before a General Election.
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