Labour urged to up legal minimum pension contributions

Raising legal minimum workplace pension contributions and extending auto-enrolment to younger age groups could significantly increase retirement savings, with potential additions of over £200,000 to final pension pots. Research from Standard Life and PensionBee highlights the importance of increasing contributions and expanding eligibility to address widespread under-saving, particularly among younger workers. Both analyses coincide with a Labour-led pensions market review to boost retirement income and financial security for all.

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