Scheme to address private sector pension ‘timebomb’ put on hold
The scheme has now been pushed back to 2023, as government sources cite ‘exceptional strain’ put on employers by pandemic
The rollout of a national auto-enrolment scheme designed to address the private sector pension “timebomb” is set to be delayed for a year due to the Covid-19 pandemic.
Some 65 per cent of private sector employees are solely reliant on the state pension once they retire, putting them at risk of a severe drop in income. The previous government set a target of automatically putting them into a pension scheme from next year onwards.
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