The Department for Work and Pensions (DWP) confirmed it will support proposals for younger and lower earners Group 28 Sign up to our free email newsletter to receive the latest
BREAKING news and daily roundups Invalid email Something went wrong, please try again later. Sign Up No thanks, close We use your sign-up to provide content in the ways you've consented to and improve our understanding of you. This means that we may include adverts from us and third parties based on our knowledge of you. We also may change the frequency you receive our emails from us in order to keep you up to date and give you the best relevant information possible. As always you can unsubscribe at any time. More info Group 28 Thank you for subscribing! We have more newsletters Show Me No thanks, close See our Privacy Notice A move to bring pension saving for low and young earners in line with others has been backed by the government, it has been announced. Jonathan Gullis MP’s Private Members Bill grants two extensions to Automatic Enrolment, abolishing the Lower Earnings Limit for contributions and reducing the age for being automatically enrolled to 18 years old. Minister for Pensions, Laura Trott, said: "We know that these widely supported measures will make a meaningful difference to people’s pension saving over the years ahead. "Doing this will see the government deliver on our commitment to help grow the
economy and support the hard-working people of this country, particularly groups such as
Women, young people and lower earners who have historically found it harder to save for retirement." READ MORE: Cambridge City Council considers pushing back taxi CCTV deadline after
protests Jonathan Gullis MP added: "Auto-enrolment of pensions will benefit scores of young people in all four corners of the country, which is why I am delighted that Minister for Pensions Laura Trott is supportive of the bill. With all the evidence of the huge positive impact it can have, it is a no-brainer that we now need to extend auto-enrolment to those aged 18 and above. I am confident this Bill will make a huge difference to people from Kidsgrove to Consett." Lowering the age at which eligible workers must be automatically enrolled into a pension scheme by their employers from 22 to 18 will make saving the norm for young adults and enable them to begin to save from the start of their working lives. In addition, the bill provides for the removal of the Lower Earnings Limit, supporting those with low earnings and multiple jobs by ensuring they are saving from the first pound earned. Following the success of the Automatic Enrolment, the government intends to continue its work with thousands of employers and pension providers to further boost the amount of people in a workplace pension and the amount they save for retirement. It will also continue its work on empowering savers to know their pension options by introducing revolutionary products such as Pensions Dashboards and Mid-life MOTs, providing accessibility and innovation in how people save for their retirement. READ NEXT: The often overlooked Huntingdonshire village should be named one of Muddy Stilettos' best places to live Gail's plans third Cambridge cafe in city centre replacing ex-Paperchase store OpenTable names the best restaurants in Cambridge for a scrumptious Mother's Day meal Enjoy the rich beauty of bluebells with a spring walk through Cambs woodland Unique things to do in Cambridge with your mum this Mother's day Story Saved You can find this story in My Bookmarks. Or by navigating to the user icon in the top right. Follow CambridgeLive
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