Reforms of Government pension legislation will make workers automatically enrol in pension schemes and boost retirement savings . The IFS (Institute for Fiscal Studies) claim that the changes, which include minimum contribution, will boost pension coverage amongst those people on lower incomes.
However, in absolute terms, the increase in money saved towards retirement would be small in real terms. During 2005, some 4.7 million employees were not offered the chance to join a work-related pension scheme, the IFS claimed.
Despite the positive affect on pension distribution, the IFS made it clear that many individuals would accrue relatively small pension pots towards their retirements, with many making low pension contributions and ending up with low-value pension schemes .
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1998 - 2009 UK Pensions - Planning before, at the onset and during retirement.
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