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There has been an announcement to extend pensions auto enrolment to young workers and to amend the way the contributions are calculated.
Under auto enrolment, employers are required to automatically enrol all eligible workers (generally employees) into a workplace pension scheme and pay a minimum contribution into their pension. However employees do have the right to opt out of auto enrolment.
Currently auto enrolment applies to those who are aged between 22 and the state pension age with earnings of £10,000 per year or more are eligible to be auto enrolled. Younger employees and those who do not meet the minimum income requirement can opt in to join the pension scheme.
The government’s plan is to reduce the minimum age requirement down to 18 by the mid 2020s, in order to encourage young workers to get into the habit of saving.
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