Pensions Body Wants Higher Auto-Enrollment Contributions

Law360, London (February 8, 2021, 5:04 PM GMT) -- A U.K. financial services trade association called on Monday for an increase in the amount of money companies and employees pay into workplace pension programs, amid concerns that many people may not be saving enough money towards retirement.

Contributions to pension schemes and saving plans have been hit amid the COVID-19 pandemic, the Investing and Saving Alliance said, pointing to job losses and the government's furlough scheme.

The alliance, which represents more than 200 financial services businesses, including banks and insurers, referred to a study it conducted in 2020 that found consumers who rent could run out of retirement savings 12...

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