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Workplace pensions have transformed savings for millions of people in last decade
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dailyrecord.co.uk
dailyrecord.co.ukThe 10th anniversary of the workplace pension savings revolution will be celebrated in 2022. The rollout of automatic enrolment started in October 2012, with the biggest employers coming on board first, and in the last decade the scheme has seen millions of people brought into pension saving for the first time.
The minimum that can be paid into workplace pensions has also edged up over the years - although some experts have said it should be raised further to help savers build a decent minimum retirement income - the minimum contribution is 8% of qualifying earnings, with employers paying at least 3% and employees, who benefit from tax relief on payments, making up the remaining 5%.
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