The UK government is committed to consulting on increasing minimum auto-enrolment (AE) pension contributions during the “mid to later part of this decade”, Pensions Minister, Paul Maynard, has stated.

Speaking at the Pensions Age Spring Conference 2024, Maynard detailed the government’s plans for pension policy over the coming years, including the commitment to consult on AE contributions in the mid or latter part of the 2020s.

The government has previously stated that it would implement the 2017 AE reforms, which included raising the AE contribution rate, in the mid-2020s.

“We do need to consult further on the detailed implementation of any measures that increase contributions,” Maynard said.

“I know there’s great eagerness that we get on with this, but we have to do it in the right way at the right time. We are committed to doing so during the mid to later part of this decade.”

Maynard also argued that AE was “still a work in progress”, and that there was still much more work to do on the policy.

He reiterated the government’s commitment to expanding AE, saying the reforms were not just to help young people, but to help all workers save more for their retirement.

“Lowering the eligible age, yes, removing the lower earnings limits, yes, and making sure that contributions are payable from that first pound of savings,” he stated.

“We have supported legislation enacted by parliament, giving us the power to deliver the expansion of AE.”

This article was originally published on our sister title, Pensions Age.

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