Press release

5 Jan 2022 London, GB

EY comment on the Private Member’s Bill due in the House of Commons today, proposing to extend the pensions automatic enrolment to working 18 year-olds and part time employees

Jason Whyte, Associate Insurance Partner at EY, comments: “Auto-enrolment has succeeded in helping millions of working Britons to start saving for their retirement, but there remain millions more sitting outside of scope who could benefit from being included.

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Victoria Luttig
Victoria Luttig

Manager, Media Relations, Ernst & Young LLP

Part of the UK PR team, focused on financial services. Covers all things to do with banking, insurance and wealth and asset management. Love sports and travelling. Married and mum of two boys.

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Jason Whyte, Associate Insurance Partner at EY, comments:

“Auto-enrolment has succeeded in helping millions of working Britons to start saving for their retirement, but there remain millions more sitting outside of scope who could benefit from being included. In addition to 18-21 year olds and those below the earnings threshold, many self-employed people do not currently have any pensions provision. Helping such groups to save for their retirement would over time make a significant difference to living standards in retirement for an estimated 9 million people and to the UK’s overall financial wellbeing.

“Bringing younger, lower paid and self-employed groups into auto-enrolment could result in an explosion of small pension pots as these groups are more likely to change jobs, make smaller contributions and dip in and out of savings. Any expansion of auto-enrolment must ensure people’s savings are not eroded by fees, lost as they change jobs or become too costly for the industry to administer. Because of this it would be sensible for the Small Pension Post Working Group’s recommendations to be implemented alongside any expansion of auto-enrolment.”