Member

205: After Clause 117, insert the following new Clause— “Review of pension awareness and saving among young people(1) The Secretary of State must, within 12 months of this Act being passed, carry out a review into—(a) levels of pension awareness and understanding among young people, and(b) the effectiveness of existing measures to support young people to begin saving into a pension.(2) The review must consider—(a) barriers to pension saving faced by young people, including low earnings, insecure work, and gaps in financial education,(b) the impact of the automatic enrolment age and earnings thresholds, and(c) options to improve engagement, participation, and long-term retirement outcomes for younger savers.(3) The Secretary of State must lay a report of the review before Parliament.”Member’s explanatory statement This amendment requires the Government to review pension awareness among young people and to consider how existing policy could better support earlier engagement and saving into pensions.