Automatic pension enrollment starts

With life expectancy increasing, millions of people are not saving enough to have the income they are likely to need in retirement. Pension saving has fallen across all age groups, with less than one in three adults contributing to a pension, although its steepest fall is among those aged 22-29, falling from 43% in 1997 to 24% today.

To force people to start saving now, the Government has come up with a scheme that automatically enrolls those working in both the private and public sectors into a workplace pension. The scheme starts next week and you'll be automatically enrolled into a workplace pension if you:

• Are not already in a pension at work.
• Are aged 22 or over.
• Are under the state pension age, which is currently 65 for men and 61 and two months for women, although this is gradually rising to 65 by 2018.
• Earn more than £8,105 a year.