The Pensions (Extension of Automatic Enrolment) Act 2023, effective since September 2023, authorises changes to auto-enrolment, including lowering the age limit to 18 and removing the lower earnings limit.
These changes are expected to have a significant financial impact, estimated at around £2bn in 2022 earnings, with increased contributions from both employers and employees. The implementation timeline is uncertain, but preparations should be made to adapt workplace benefits strategies accordingly.
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