The work you put in now will make all the difference later in life
Following plans announced this week by the DWP to expand autoenrolment to 18-yearolds, rugby referee Nigel Owens has given his support, telling people that, ‘Unlike a scrum you won’t get penalised for engaging early with a workplace pension’
WIDELY regarded as the world’s number-one referee, Nigel Owens is encouraging people to start saving now for later in life.
He says “preparation is everything”, adding: “It’s the work you put in now that will make a difference later on.”
The Minister for Pensions, Guy Opperman, believes planning early for the type of life we want in retirement has never been more important.
“You might have plans to go travelling, do home improvements or spend more time with your loved ones. But with us living longer than ever before, it’s essential that people start saving as soon as possible,” he said
“You cannot ignore the need to ensure your money lasts through the remainder of your lifetime.
“That’s where automatic enrolment has made a huge difference. As the Government’s new campaign points out – when you pay in, your boss pays in.
“It removes the stress of pension saving by taking a small amount from your pay each month, which your boss matches, and puts it aside for your retirement, meaning more savings on top of your state pension in years to come.
“And it’s clear that automatic enrolment has created a new British savings culture, with more and more people now able to look forward to a more financially secure retirement through their private workplace pension.”
Last week the Government announced that 262,000 people have been enrolled into a workplace pension in Wales, and nine million across the UK, since 2012.
“It is time we take this life-changing policy further and ensure it is reflective of modern working lives,” added Mr Opperman.
“That’s why we have published our Review of Automatic Enrolment this week.
“The measures we will be introducing will mean 900,000 young adults aged 18 to 21, our next generation of workers, could now save into a workplace pension for the first time.
“This could bring an extra £800m in pension savings.
“We are also launching trials to support the 4.8 million selfemployed to build a more secure retirement; and ensure that people can start saving from the first pound they earn – good news for people with multiple jobs, particularly women.
“On top of the planned increases in contribution rates in 2018 and 2019, this will see even more people saving into their workplace pensions, supporting them to build a financially secure later life.
“No-one across Wales should be approaching retirement worrying about how they’ll manage.
“Following our latest figures and this week’s review, it’s a record we are determined to build upon.”