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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Automatic enrollment could almost double pension pots

Despite concerns that the UK’s new national pension scheme will cause employees to miss out on the best deals for their retirement pots, government research has revealed that the scheme could see workers almost double their pension provision.

The National Employment Savings Trust (NEST), which will come into effect in October and continue to roll out into 2016, will mean that businesses will have to automatically enrol staff into pensions.

According to forecasts in the Department for Work and Pension’s (DWP) Workplace Pension Reforms: Baseline Evaluation Report,median average private pension income could climb to between £153 and £195 a week by 2070 as a result of automatic enrollment.

The DWP has argued that without the reforms, average weekly private pension income would only reach a figure of between £86 and £106 by 2070.

The new system is designed to reverse the decline in pension participation. The number of workers contributing to a private sector pension has fallen from 7.9 million (55%) in 2003 to 5.8 million (42%) in 2011.

Steve Webb, the Pensions Minister, said: “This October we will introduce the most important changes in pensions for a century to help people save and avert a pensions crisis in the future.

“We are living longer yet 11 million of us are not saving enough for retirement. Automatic enrollment will reverse this trend as millions will have a workplace pension and could double their private pension income, on top of a reformed state pension.”

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