Debate contribution: Pensions (Extension of Automatic Enrolment) Bill: Second Stage
Debate contribution by Mr Brian Kingston on .
- MLA
- Mr Brian Kingston
- Party at the time
- Democratic Unionist Party
- Date
- 3 June 2024
- Type
- Debate contribution
- Business
- Executive Committee Business
- Heading
- Pensions (Extension of Automatic Enrolment) Bill: Second Stage
- Assembly identifier
- Official Report component 4493731
Read the official Assembly record
Text
Automatic enrolment in workplace pensions is an important enhancement of employers' responsibility and provision for employees. It includes the requirement for a minimum employer contribution to their workers' pensions. That, in turn, incentivises employees to invest in their pension fund in order to receive the additional contribution from their employer. It is only too easy for younger adults to neglect paying into their pension pot when their pension seems so far away in time and they have so many other things that they wish to do with their money. It is right that the Bill provides the Department with the power to make regulations to reduce the lower age limit for automatic enrolment. The Bill also provides the Department with the power to make regulations to remove or reduce the lower limit of the qualifying earnings band so that contributions can be calculated from the first pound of earnings rather than from amounts over the current lower earnings limit of £6,240. That will enable more people to build up bigger pension pots and support them in doing so from an earlier age. As has been said, it will particularly benefit those with part-time jobs. As with the previous matter on defective premises, this Bill will bring us into line with the legislation in the rest of the United Kingdom, which was passed last year. The DUP supports the Bill, and we trust that it will have full support from the Assembly.
241 words. Text as published by the Northern Ireland Assembly.
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