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As a country that feels like it is hiding so much, it is even more important for Britain to pat itself on the back when it achieves success.
Automatic enrollment in pensions has been one of those achievements. The scheme has dramatically increased retirement investing and, more importantly, has gotten people into the habit of saving at an early age.
The key to its success has been making workplace investment simple and relatively painless: money is taken directly from salaries, tax deducted and topped up by employers, and then invested to build a pension fund.
This week, two separate reports said we should build on the success of automatic enrollment and come up with a plan to build financial resilience with rainy-day funds, help people save for a home and increase retirement savings.
One came from fund manager Schroders and the Pension Management Institute, the other from the Resolution Foundation think tank.
In this week’s podcast, Georgie Frost, Lee Boyce and Simon Lambert look at the plans and consider whether we could use our pensions to help fix our finances.
Also in this episode:
- What do the new tipping rules mean for you and your staff and what is a tronc?
- A reader asks: Could we make my parents our mortgage lender to save money?
- How much is a set of NatWest piggy banks purchased at auction worth?
- Is there a new maximum value 50p coin?
- And finally, could you have a Pokémon card worth a small fortune?