Cash point

Auto-enrolment marks its fifth anniversary next month and the Government is currently reviewing where to go next with it.

The good news is that it has encouraged millions more workers to put cash away towards retirement.

But research from investment firm Hargreaves Lansdown shows four out of five employers think minimum contributions should rise as they worry their staff will never be able to afford to quit work. More than half say the Government should broaden the scheme so those earning below £833 per month are included.

While more people are saving, the worry is they aren’t saving enough with the current minimum rate being 1% from workers and 1% from bosses.

Even with minimum contribution increases to 8% in total by 2019, many workers could still find themselves cash strapped.

The basic industry rule of thumb suggests saving 12% to 15% of your salary for the chance to build up a decent pot for retirement.

Find out if your boss will match your contributions. Many are generous and will pay in more than the legal minimum. Aim to save the most you can afford to put away.