Right to company pension ‘could be extended to 16-year-olds’
Millions of youngsters could be given company pensions in a review of retirement savings.
Millions of youngsters could be given company pensions in a review of retirement savings, it is reported.
Employers are currently obliged to enrol their staff into pensions once they pass the age of 22 but this could be lowered following a departmental review.
The Daily Telegraph said the right to a company pension will be extended to people as young as 16.
The Department for Work and Pensions said the review was ongoing and would report back next year.
Steve Webb, a former pensions minister and now retirement expert at Royal London, told the paper: “Auto-enrolment has been a success but attention is now turning to the people who are being excluded.
“We’re always telling people to start saving at the youngest age they possibly can, which is why it feels wrong to tell 19-year-olds ‘pensions are not for you’.”