Future wealth in retirement will come under the microscope following the Government’s decision to bring back the Pensions Comission. But while an increase in auto-enrolement rates has been ruled out during this Parliament, experts are warning that at some point savings must rise. One noted: “Employers may be pleased about this given April’s increase in National Insurance contributions, but the reality is that without higher pension contributions, mandated or voluntary, many people could face a bleak retirement.” Another said ensuring a “buy in” from employers and savers “will involve complex trade-offs, particularly around employer costs and households’ ability to save, but finding a path through these issues will help ensure future generations have good pension outcomes.
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