Pensions: Computerized saving to begin at 18 beneath new plans

The Federation of Small Businesses said that requiring employers to contribute from the first pound of earnings would mean that by 2019 they would have to pay up to £180 more per employee each year

The Department for Work and Pensions today unveiled plans to review the current system for automatic enrolment by the mid-2020s.

Ahead of the much-anticipated publication of the AE review tomorrow, the Department for Work and Pensions (DWP) has announced a package of measures created to include more people in the AE regime and bring in a total £3.8bn of additional annual contributions.

It will also confirm no plans to raise contribution levels above the 8% now set out for April 2019 until further evidence is gathered from the planned rate hikes. The change could affect nearly a million young people. There is a danger of people sleepwalking into pensions and not having control of it.

The review, due to be published on Monday, estimates there are still about 12 million people under-saving for their retirement, representing 38% of the working age population.

Work and Pensions Secretary David Gauke said there had been "greater saving for pensions" since automatic enrolment came into effect but admitted increases in contributions from next year "might put people off", even though "the evidence is that opt-out rates have been lower than people predicted".

U.S. blaming Pakistan for failures in Afghanistan: Janjua
Janjua said that Pakistan's nuclear programme is being criticized. "Security in South Asia is under pressure", he said. The security adviser stated that Pakistan has to first deal with the challenges it is facing at the moment.

Custom duty hike forces Apple to increase iPhone prices in India
The iPhone X launched in the United Kingdom on November 3, and is the most expensive Apple smartphone ever sold to date. The smartphone is being assembled in India by Wistron since May this year, and thus is exempt from import tax.

Toyota, Panasonic Consider Joint Development Of Electric Vehicle Batteries
The company said it will invest 1.5 trillion yen ($13 billion) to realize its 2030 goal, more than half of it on making batteries. Last week, Toyota announced it will set up a joint auto battery business with Japanese electronics maker Panasonic Corp.

Since the launch of auto-enrolment in 2012, the number of people in workplace pensions has grown to more than 9 million, with many of them under the age of 30.

It has previously been announced that contribution levels into workplace pensions, which include the combined amounts coming from employers and employees will be raised over the coming years.

Jamie Jenkins, head of pensions strategy at Standard Life, said the government's plans were welcome: "These measures will ensure that as many people as possible have the opportunity to start to build up pension savings".

Chris Curry, director at the Pensions Policy Institute, added: "We all want to be able to enjoy a comfortable retirement and to maintain our standard of living".

Sir Steve Webb, director of policy at Royal London, said: 'There are some great ideas in this review, including starting pension saving at age 18 and making sure that every pound that you earn is pensionable. Workplace pension contributions would also be calculated from the first pound earned, rather than from the lower earnings limit, which is expected to bring an extra £2.6bn into pension saving.

Related:

  • The EU is probing IKEA's Dutch tax arrangements

    The EU is probing IKEA's Dutch tax arrangements

    The commission will investigate two tax rulings by the Netherlands for Inter Ikea, one of the two groups that operate the Ikea business.
    Amazon faces potential investigation after delivery complains

    Amazon faces potential investigation after delivery complains

    If retailers fail to deliver goods within the time frame a customer has paid for, this could be regarded a breach of contract. Amazon advises customers to contact customer services if they do not receive a parcel by the estimated delivery date.
    Google to take action against websites spreading fake news

    Google to take action against websites spreading fake news

    The spokeswoman also stated that the move was to ensure that people "understand and see where their news online is coming from". The company also targeted the advertisements and paid promotional material saying that these should not exceed the content.
  • 4 dead, including 3 children, in Brooklyn house fire

    4 dead, including 3 children, in Brooklyn house fire

    Five other people - including the woman's husband and their daughter, 16, and son, 15 - were injured and taken to the hospital. The fire started around 2:30am, on the second floor of a home on East 14th Street in the Sheepshead Bay neighborhood.
    Microsoft surprises OH  boy who gave up Xbox to help homeless

    Microsoft surprises OH boy who gave up Xbox to help homeless

    And so the first thing he wanted to do was give a blanket that they could keep", Terry Brant, Mikah's grandmother, said . In an often self-centered world, his act of giving away his Christmas gift for the needy was highly praised by everyone.
    Trump Set To Unveil New US Security Strategy, Blast China

    Trump Set To Unveil New US Security Strategy, Blast China

    A staggering 14,000 troops will take part in the exercises as the White House ordered flexing of USA military might in the region. White House officials say it's meant to serve as a springboard for several more in-depth policy outlines to come.
  • 5 best Cristiano Ronaldo moments of 2017

    5 best Cristiano Ronaldo moments of 2017

    Asked about Ronaldo's future, Zidane added: "For us, it is fundamental that Cristiano stays all his life". Ronaldo has struggled in the Spanish top-flight this season, netting just four goals in 11 appearances.
    Zinedine Zidane drops a hint which will not please the Liverpool fans

    Zinedine Zidane drops a hint which will not please the Liverpool fans

    And Zidane is an admirer of his talents after showering him with praise for his performances this season. I don't talk much about other players, but he is a player I rate a lot", Zidane said.
    Quiet and mild start to the week with minimal rain chances

    Quiet and mild start to the week with minimal rain chances

    Tuesday continues to look quite mild as we'll see a west-southwest wind ahead of a cold front approaching from our northwest. Allentown only had a morning low temperature of 30 while many other locations were between 25 and 30 for the lows.
  • Louis van Gaal says he wants to 'get one over' Manchester United

    Louis van Gaal says he wants to 'get one over' Manchester United

    Louis van Gaal has opened the door to a possible Premier League return, saying he would be motivated by a desire to exact revenge on his former club Manchester United .
    Audio Surfaces Of LeBron's Convo With Lonzo Ball After Cavs Win

    Audio Surfaces Of LeBron's Convo With Lonzo Ball After Cavs Win

    I do it because he's said over and over since he was growing up who he modeled his game after, who was his favorite player. For the Lakers' Ball, his first on-court encounter with James was eye-opening.
    Cowboys P Chris Jones gains 24 yards on fake punt

    Cowboys P Chris Jones gains 24 yards on fake punt

    The chain came out and then Steratore placed the paper between the ball and yard marker before ruling a first down. Crabtree stayed on the field for the next two plays and was targeted on an incomplete pass by Carr on 2nd down.

Comments

Latest news

Everton 'crying out' for Yannick Bolasie's return, says Sam Allardyce
Paul Clement's men are now bottom of the Premier League despite beating West Brom 1-0 at the Liberty Stadium last Saturday. Everton battled for a point at Anfield last Sunday and were successful thanks to Wayne Rooney's controversial penalty.

Samsung Galaxy S9 appears in new leaked renders
While some rumors pointed at CES 2018 unveiling in Las Vegas, a new report hints at MWC 2018 unveiling February in Barcelona. The leaked specifications show the two comes come with a 16MP + 8MP selfie camera setup and a 16MP camera on the back.

Princess Charlotte to start nursery school in January
Both Prince George and Princess Charlotte are wearing outfits we've seen before (something Kate is a fan of doing). Kensington Palace recently shared a family portrait of Prince William and Kate Middleton on social media.

12 dead in fire in shop in Mumbai's Khairani road
Around 4.17am on Monday, the fire brigade received a call about a fire at Bhanu Farsan shop located near Laxmi Narayan temple. Investigators were trying to determine the cause of the fire, which gutted the workshop area and the shop itself.

Xiaomi Rolled Out Mi A1 Special Edition Red Colour Variant In India
The Xiaomi Mi A1 Red Colour Edition was launched in Philippines earlier this week and is available in India starting today. One of the two is a telephoto lens with f/2.6 aperture and the second one is a wide-angle lens working on f/2.2 aperture.

Dense Fog Advisory of much of metro Atlanta
We will see patchy fog this morning reducing visibility to 1/4 mile or less, especially east of the interstate this morning. Some mist or drizzle is possible through 8 or 9 AM, otherwise, expect a mostly cloudy Monday with highs around 60 degrees.

Google Will Now Allow You To Mute AutoPlay Videos On Websites
Besides releasing Google Chrome 63 .0.3239.86, the search giant is also rolling out an updated beta version of the same OS. When a redirect attempt occurs, users will remain on their current page with an infobar popping up to detail the block.

Justin Bieber and Selena Gomez just had their sweetest date yet
According to TMZ , Bieber only left Gomez's side as they walked around the store when the Pussycat Dolls' "Buttons" song came on. While attending the Justice Speaks Holiday Benefit Luncheon in Los Angeles, Pattie gushed about his son's girlfriend.

What is Looking Glass. : firefox
Many users stating they had no idea about the TV show and that they could not be expected to understand the reference. Robot's alternative reality game , where a trail of clues are left by writers for fans to find and discover.

You Can Now Officially Snooze Your Facebook Friends
And when the Snooze period is about to end, you'll get a notification, and you can probably extend it if you want. The people, Pages, and groups you snooze will not be notified.

Cricketing world reacts to Mitchell Starc's ball of the Ashes 2017-18
If I faced that another 20 or 30 times, I think it would get me out every time'. ICYMI or just want to watch it over again, here it is.

'Star Wars: The Last Jedi' second-highest opening ever in North America
Abrams's first entry in the rebooted trilogy, and is also the last outing for character Leia Organa, played by Carrie Fisher, who died last December.

Police release cause of death of Barry and Honey Sherman
ET Friday for reports of a medical emergency, where Toronto police say a male and a female were pronounced dead. The Shermans were among Canada's most generous philanthropists, and their deaths shocked Canadian high society.

Donald Trump thanks Russia's Vladimir Putin for praising American economy
They discussed ways to work together to address North Korea's nuclear and ballistic weapons program, the White House said . The two men had also talked about improving dialogue between Russian Federation and the United States, Peskov said.

Texas 7-year-old's heartbreaking letter to Santa inspires flood of donations
Espiricueta said she was moved to share the letter after asking Crystal why she thought she wanted food but needed a blanket. Espiricueta said she was saddened by the letter and chose to help fulfill at least one of her student's Christmas wishes.

Other news