Call for better pension saving deal for young and low-paid
Younger and lower-paid workers should be included in a scheme which sees people automatically enrolled into pension saving, a think tank says.
In a wide-ranging study, supported by the consumer group Which?, the SMF also called on the government to accelerate its plans to allow workers to be included from the age of 18. Workers can opt out if they do not want to save. Otherwise, 5% of their earnings above £6,240 a year, including tax relief, and a contribution from their employer worth 3% of earnings, is automatically saved into a pension pot which is invested.
"Part of the responsibility for addressing this situation should lie with government, but it is also incumbent on financial firms to do their bit as well," it said.
"This will help many people who are multiple jobbers but where each individual job falls below the current £10,000 threshold, so won't enjoy the benefits of auto-enrolment. This includes many women."
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