UK’s Pension Crisis: TILLIT Wants the Government to Raise Minimum Contributions
Think of your pension as a savings fund that should grow gradually, just like a plant that gets watered every day. It’s surprisingly under‑watered in the UK.
Why the Numbers Don’t Add Up
- Australia demands 11.5 % of wages go straight into employees’ pension pots.
- The UK’s minimum is only 8 % overall.
- And that is split – just 3 % must come from the employer.
- Result: More than 80 % of UK households are currently on a pension “shortfall” track.
So far, Rachel Reeves has chatted about bumping up the contribution rates, but the ball still sits on the table.
Enter TILLIT – the First UK Pension Provider with Auto‑Escalation
Picture this: “Save More Tomorrow” — a tactic that has been sprinkling extra savings into US pension accounts for over a decade. TILLIT is now doing that in the UK by default.
With the auto‑escalation feature, you incrementally increase your contribution as your income rises, without having to remember to do it – the pension will do it for you.
Felicia Hjertman, Founder & CEO, Says
“It’s infuriating to see the Government keep its hands off the minimum employer pension contributions, essentially saying ‘no worries’ when folks need a secure retirement. The old reports, like the Pension Commission’s Lord Turner findings, have warned us for years. At TILLIT, we’re here to give people the tools to write their own financial future. We just launched auto‑escalation because every person deserves to escape a $timebomb$ of inadequate pensions.”
Got your eye on the future? Stay tuned – real‑time updates on pension policy changes will be served straight to your device.
