The United Kingdom’s New Retirement Savings Program
A new paper examines the U.K.’s implementation of a bold, new retirement savings program requiring auto enrollment in retirement accounts and employer contributions. So far, the program has expanded coverage to six million workers, and a total of nine million workers are expected to be covered when the program is fully implemented.
The United Kingdom’s New Retirement Savings Program, the first detailed analysis for an American audience reporting on the progress of the U.K.’s retirement policy initiative, starts by discussing the goals of the new savings program. It then describes the phase in of the program, the requirement for auto enrollment, and the required level of contributions. Next, the paper discusses the NEST program and describes its various features with a focus on its default investment option. The paper concludes with comments about the phase in of higher contribution rates and how that may affect future opt out rates.
Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands
This report assesses the level of security and risk provided by each country’s retirement system through the layers of income replacement provided by government, employer, and individual programs.
Retirement in America: An Analysis of Retirement Preparedness Among Working-Age Americans
Retirement in America: An Analysis of Retirement Preparedness Among Working-Age Americans answers key questions relating to retirement savings, access to retirement plans, and how saving for retirement interacts with other financial commitments, such as repaying student loan debt and owning a home. It offers a broad examination of how different groups of workers are faring in their preparation for retirement and where workers are falling short.
