We have already reported in this news section that the Department for Work and Pensions (DWP) had tabled new laws to apply automatic enrolment rules in workplace pensions to be required for 18yr. olds rather than from age 21.
The Pensions (Extension of Automatic Enrolment) Act 2023 received Royal Assent yesterday, i.e., it is now law.
The DWP is now consulting on an implementation date. This is a date that:
This is great news for younger workers on minimum wage as workplace pension contributions will start 3 years for younger workers and with the power of investments compounding over the next 40 years or so will mean a younger minimum wage worker should build up a workplace pension some £85,000 more than they would have done.