MPs call for Pension ‘sidecar’ to help workers with no/low cash reserves

This is not news (it’s dated April 2021), but something that Prospect’s pensions specialist Stewart Mott has pointed me at.

Broadly, it’s a proposal for a new ‘sidecar’ savings mechanism within pension auto-enrolment to encourage employees to build up emergency savings. Based on a trial from Nest Insight, (report here [pdf]) this idea is about creating a small pot of money – ‘liquid savings’ – drawn from pensions savings that are there for an emergency.

We will be doing a seminar on the future of freelance pension provision later this month – details to follow shortly.

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