Personal Finance News

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million

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This Week's Personal Finance News Update

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12 - More than half of parents are unaware of Junior ISAs
30/10/12 - Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12 - Brits left with £1.4bn repair bill during 'mischief week'
29/10/12 - East of England landlords at apex of yield chart
29/10/12 - Buyers more optimistic about Scottish property market

News

01/08/2012 17:01:52

Auto-enrolment tipped to double private pension income

The government has claimed that the introduction of auto-enrolment this autumn will help people starting work this year double their private pension income.

Department for Work and Pensions data suggests that median private pension income could rise to between £153 and £195 a week by 2070, compared to just £86 to £106 if the government's reforms were not introduced.

With private sector pension participation having dropped to 5.8 million in 2011 from 7.9 million in 2003 and total savings having fallen from £39.3 billion in 2007 to £35 billion in 2011, the government is hoping that auto-enrolment can reverse the decline in pensions investment.

"We are living longer yet 11 million of us are not saving enough for retirement," said pensions minister Steve Webb.

"This October we will introduce the most important changes in pensions for a century to help people save and avert a pensions crisis in the future."

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