The government wants to make it easier for more people to save at all stages of their lives.
The following was announced in the Budget:
Improving NS&I’s offer to customers
NS&I will allow people other than parents and grandparents to gift Premium Bonds to a child. This, alongside a lower minimum investment of just £25 (2018 – 19:£500) and the launch of a new app, will make saving with NS&I easier than ever.
The government is taking steps to support the launch of Pensions Dashboards, innovative tools that will for the first time allow an individual to see their pension pots, including their state pension, in one place. The Budget confirms that the DWP will consult later this year on the detailed design for Pensions Dashboards, and on how an industry-led approach could harness innovation while protecting consumers. DWP will work closely with the pensions industry and financial technology firms.
The Budget provides extra funding in 2019-20 to help make this a reality. Boosting pensions for the self-employed – This winter, DWP will publish a paper setting out the government’s approach to increasing pension participation and savings persistency among the self-employed.
This follows the 2017 review of automatic enrolment and will focus on expanding evidence through a programme of targeted interventions and partnerships.