Lord John McFall’s Workplace Retirement Income Commission is considering proposals to raise the minimum automatic enrolment contribution rates after 2016. Speaking to Money Marketing after the Wric’s first evidence session in London this week, McFall said stakeholders have raised concerns that the total contribution threshold of 8 per cent is too low.
He said: “Auto-enrolment is the start of pension reform, not the end, so a key question for us is if the 8 per cent contribution will be enough. The general feeling in the evidence session was it is not, so that is something we will have to consider.”
The commission could also look to encourage the private sector to set up large-scale pension super-trusts to rival Nest.