What assessment he has made of the potential impact of Plan 2 student loan repayments on pension auto-enrolment contribution adequacy for borrowers earning between (a) £27,295 and £50,270, (b) £50,270 and £60,000 and (c) £60,000 and £80,000; and whether his Department has modelled the impact of reduced pension contributions during years in which student loan repayments are also being made on long-term retirement savings.
Workplace pension participation remains high among all eligible age groups, with 82% of all employees participating in workplace pensions in 2024. The Government remains committed to building on the success of automatic enrolment to ensure that people are saving enough for retirement. That is why we have revived the Pensions Commission which will look at the adequacy, fairness and sustainability of the pensions system for future cohorts of retirees.