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You asked: Why is auto-enrolment being introduced?
Auto-enrolment - automatic membership of a suitable pension scheme with compulsory employer contributions - is being introduced because:
- the government estimates about seven million people are not saving at all for retirement, or not saving enough
- life expectancy is increasing - people will live longer in retirement and the size of their pension fund needs to be greater to fund this
- the government may not be able to afford to keep state pensions at their current level in the longer term.
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Answers others found useful
- What is the difference between a qualifying scheme and an auto-enrolment scheme?
- What are the requirements for an auto-enrolment scheme?
- Who needs to be auto-enrolled?
- If I already have a pension scheme, can I use that to auto-enrol my employees?
- Can an employee join the pension scheme before being auto-enrolled?
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