![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/martin-lewis-mse-reveals-how-adult-workers-can-get-pay-rise-worth-100000s/&media=https://uknews.evprotec.com/wp-content/uploads/2023/09/crop-24065576.jpg&description=CASH HELP Published : 12:32, 21 Sep 2023 Updated : 12:32, 21 Sep 2023 MARTIN Lewis has revealed how any adult worker can get a "hidden pay rise" worth hundreds of thousands of pounds. It comes as the government has the power to lower the age limit to be automatically enrolled into workplace pensions from 22 to 18. 1 Martin Lewis' MoneySavingExpert.com team have explained how proposed workplace pension rules will benefit young workers Credit: Alamy The MSE Team said: "A new piece of legislation called the Pensions (Extension of Automatic Enrolment) Act 2023 has been given the seal of approval to become law by getting what's called 'Royal Assent'." The proposed changes to the rules would lower the age at which people are automatically placed in a workplace pension to 18, rather than 22. It will also axe the lower earner's limit (LEL) and see a worker on any amount of income be able to save - as it stands a person has to earn at least £6,240 to be able to contribute to their workplace pension . But the MSE Team said: "There's no immediate change. The Government now needs to consult on how and when these powers could be used." Experts at I nteractive Investor (ii) have already crunched the numbers and found the changes could give workers a hefty payout if they pass into law. Someone earning £20,000 at age 18 and paying into their pension until they reach age 66, could get a retirement boost of £159,000 from the changes. That's up from £187,000 with the LEL and only starting saving at 22, to £346,000 with no LEL and starting saving at 18. Whereas a worker earning £30,000 at 18 and contributing to a pension until they're 66, could get a retirement boost of £199,000. This is an increase from £321,000 with the £6,240 limit from age 22, to £520,000 starting when they turn 18 with no LEL. These workings are assuming the standard 5% investment performance net of fees, contributions from age 18 or age 22, as well as 5% employee and 3% employer contributions, and a 2% annu){kind=link}
MARTIN Lewis has revealed how any adult worker can get a “hidden pay rise” worth hundreds of thousands of pounds.
It comes as the government has the power to lower the age limit to be automatically enrolled into workplace pensions from 22 to 18.
The MSE Team said: “A new piece of legislation called the Pensions (Extension of Automatic Enrolment) Act 2023 has been given the seal of approval to become law by getting what’s called ‘Royal Assent’.”
The proposed changes to the rules would lower the age at which people are automatically placed in a workplace pension to 18, rather than 22.
It will also axe the lower earner’s limit (LEL) and see a worker on any amount of income be able to save – as it stands a person has to earn at least £6,240 to be able to contribute to their workplace pension.