Aside from being more open about these historic wrongs, and doing much more to publicise the money people are owed, the Government needs to work cross-party on a bigger review of just how to meet the challenges of retirement for the future paulwaugh
In 2020-21, the 50- to 70-year-olds who had stopped working in the last year cut their food spending by around £60 per week on average, had lower levels of wellbeing and many lacked access to private or state pensions. Far from living it up on the golf course, these people were probably forced out of work by ill-health, even though their incomes relied on working.
Fortunately, ministers have decided to back a private members’ bill by Tory MP Jonathan Gullis which will lower the eligibility age for auto-enrolment from 22 to 18 and abolish the lower earnings limit that prevents people in multiple, low-income jobs from saving from the first pound earned.has its second reading in the Lords next week and is expected to become law before MPs leave for their summer break.
If someone in their twenties saved an extra 1 per cent a year, with their employer matching, they may be able to increase their pension pot in retirement by 25 per cent. That’s quite something when you consider the fact that young people are less likely to get on the housing ladder and will live in more expensive, insecure, private rented accommodation in their retirement. Pensioner poverty may rear its ugly head once more, but in different ways.
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