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Some 3 million workers in England made student loan repayments last year. These are typically younger workers, precisely those who we need to encourage to build pension pots early in their careers. Of course, those numbers are going up and will be quite a lot higher past 2030. It is not only about employees. HMRC’s research shows that employers fear reduced incentives and increased disengagement. Polling by REBA and the ABI suggests that nearly one-third of firms would reduce employer contributions in response. If that happens, the damage to adequacy compounds over decades.