Pensions - Articles - Royal London comment on 3rd anniversary of AE

 “ There are clear signs that it has helped encourage more people to start saving, and to start saving at a younger age. Our recent Pensions Through the Ages research shows that around 6 in 10, 61% of those in a defined contribution scheme across all the age groups we surveyed had been auto-enrolled. Plus, while current retirees started paying into a pension at an average age of 31, for those aged 18-29 that figure has fallen to 24, so 7 years earlier. The next step should be to encourage savers to increase their contributions in order to maximise any tax reliefs and employee matching to ensure they secure an adequate income in retirement.

 The Pensions Regulator estimates that there will be around 470,000 employers going through auto-enrolment in 2016, a significant increase on previous years, many of which will be smaller firms. Royal London would like to reassure advisers and their clients that they can rely on us to support them to deliver an auto enrolment solution that’s focussed on meeting their needs.”