Pension saving boost for millions receives Royal Assent

Summary:

A Private Members' Bill to improve pension savings has been granted Royal Assent, allowing millions to save more and start earlier. The bill reduces the age for automatic enrollment and enables saving from the first pound earned. The changes are expected to increase the average earner's pension by nearly 50% and a minimum wage earner's pension by over 85% over their entire career. The bill aims to benefit savers and society by unlocking investment in pioneering UK businesses and growing the economy. The government plans to launch a consultation on implementing the new measures and maintain the strong consensus that underpins the success of automatic enrollment.