ONS are forecasting that around 19% of all newborn girls (and 14% of all newborn boys) will become centenarians. We’re calling this lucky, long-living group Generation Centenarian.
Many people may need to reduce the income they are taking from their drawdown pension funds in light of recent falls in the value of their investments resulting from the economic impact of Covid-19.
This October marks the seventh anniversary of the start of workplace pension auto-enrolment, perhaps proving that some grand government schemes can be a success.
Pension savings have grown after six years of automatic enrolment, but more progress is required to provide most people with adequate funds for retirement.
Since 2012 employer and employee automatic enrolment contributions have totalled 2% of ‘band earnings’, with the employer having to pay at least 1%. From 6 April this year, the minimum contributions will rise to 5%, with 2% from the employer.