16 December 2024
The Financial Times is reporting that Rachel Reeves has put the pension review on hold due to the fears of business response should employment costs increase further.
Pensions minister, Emma Reynolds, had previously stated the review would be launched before the end of the year, however, the reports indicate that this could be delayed indefinitely.
Research by the Pensions and Lifetime Savings Association (PLSA) indicate that postponing increases to employer minimum automatic enrolment percentages could cost savers many thousands of pounds by the time they reach retirement.
The PLSA has called for a gradual increase in the minimum automatic enrolment contributions to around 12 percent a year, up from the current eight percent.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.