PLSA Autumn Statement Representation 2023

The Pensions and Lifetime Savings Association welcomes the opportunity to submit views in advance of the forthcoming 2023 Autumn Statement. In our letter we call on Government to introduce reforms in the following areas:

• Pensions supporting growth: Pension funds already invest over £1 trillion in the UK economy through ownership of shares, corporate bonds, government bonds, and alternative investment assets such as property, unlisted equity and unlisted debt. At the upcoming Autumn Statement, we are calling on the Government to adopt 6 policy, regulatory and fiscal measures to help attract UK pension funds to invest in UK economic growth. 
• Pensions Adequacy: While we are very pleased that the Government has recently adopted an amendment to Automatic Enrolment which will increase pension contributions and those included, we believe that further action is needed before everyone in the UK can look forward to an adequate income in retirement. Therefore, we ask the Government to adopt a roadmap to extend automatic enrolment over the next decade to include a wider group of people and higher contributions, so that contributions rise gradually from 8% to 12%.