Changes to Your Pension in 2016

This year, the State Pension is changing, your workplace pension is changing and pension freedoms are turning one - we have the lowdown on retirement savings in 2016

Emma Wall 7 January, 2016 | 1:58PM

This article is part of Morningstar’s Guide to Investing Ideas for 2016, click here to get your financial health in order with some new year’s resolutions for your portfolio.

Have you got a workplace pension? More than 75,000 businesses are now providing more than 21 million employees with a workplace pension, but if you have not already been auto enrolled into a retirement savings scheme, this is the year for you.

According to the Department for Business, Innovation and Skills there were a record 5.4 million private sector businesses at the start of 2015 – and 99.3% of these were classed as small businesses, with a total of 15.6 million employees. Many of these small business employees have already been auto enrolled, and now it is the turn for micro businesses of 30 employees or less. It is estimated there are 500,000 of these nationwide.

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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