Second Pensions Commission report sets out two broad policy changes
i/ introduction of a low-cost nationwide pensions savings scheme to which individuals are automatically enrolled – but with the right to opt out.
ii/ employers to be compelled to match contributions at a ‘modest’ level, and legislation should ensure a low AMC.
The Commission also recommends changes to the state system to reduce means-testing, and increase basic payment, funded through higher tax spend and raising the state pension age.
