View Image

A new rule change for private pensions could leave UK savers £46,000 better off. Scottish Widows is calling on the Labour Party government to reduce the auto-enrolment age from 22 to just 18.

The provider says: "With greater encouragement and education from employers, this would see younger people engage earlier with pension saving and add as much as 15% to pots.

"It’s a big step on the way to building their resilience and giving them a better chance of a comfortable retirement." Scottish Widows has called on the new government to take forward a raft of changes to auto-enrolment which it says could result in 4.7 million more people receiving pension contributions from their employer.

READ MORE UK households urged to spend £1,700 after loved ones die

Young people could be

See Full Page