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The UK’s pension regulator is increasing its budget to try and secure the pension income for participants in retirement schemes.
Its budget is going up five per cent to £88.6 million ($122 million) next year to boost those protection efforts, writes Paulina PieLichata for Pensions & Investments. Key areas of the effort include closer attention to UK multi-employer plans to ensure “employers are held accountable for meeting their automatic-enrollment duties,” she continues.
“Saving into a retirement plan is becoming the social norm thanks to the success of automatic enrollment, and we will be working to make sure new and existing employers continue to comply with their legal duties, including the increasing contribution rates in April 2018 and April 2019,” the plan states.
More: Regulator preparing for impact of UK leaving the EU.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapension

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