The Work and Pensions Committee has issued a second call for evidence on how employers and trade unions should protect savers and plan for their retirement as part of its inquiry on “saving for later life”.
The inquiry, which is the final part of the committee’s probe into pension freedoms, looks at issues around auto-enrolment, retirement income targets, and guidance and advice.
The second call for evidence asks employers, their representatives and trade unions to share their views on what would help employers support pension savers in making decisions while they save.
It asks whether employers offer encouragement to save more as employees’ salaries increase, and if there is a need for government intervention to further encourage this.
The WPC also wants views on when and how the government should implement the recommendations of its 2017 automatic enrolment review, which recommended that contributions should be paid on earnings from the first pound and suggests reducing the minimum age for auto-enrolment from 22 to 18.
The call for evidence asks whether minimum auto-enrolment contribution rates need to increase, and if they rise then should employees be able to opt down to a lower contribution rate.
The committee also wants views on whether the £10,000 “automatic enrolment trigger” should be reduced or removed, and if there is a need for a new Pensions Commission.
The deadline for submissions is June 8 2022.
The WPC put out its initial call for evidence on saving for later life in December 2021 and has received written evidence from a range of individuals and organisations, and has also taken oral evidence from pensions experts and groups.
Stephanie Baxter is a freelance journalist at Pensions Expert, FTAdviser's sister publication