Pensions Bill to aid family saving

happy employees

happy employeesAs a nation, and as families, we really need to boost our pension savings with many of us and our children increasingly likely to lead very long lives.

Thankfully, the Government's new Pensions Bill could give us a real helping hand after it gained Royal Assent to become law.

So what does this mean? Well the latest move will ensure that millions of us workers across the country will be automatically enrolled into workplace pension schemes by our employers from October of next year - offering for some a first foray into the world of retirement saving.

With an all-important tax relief also provided to those of us enrolled into the schemes, the Government's pensions minister Steve Webb thinks the initiative will provide a massive shot in the arm for young families in the UK.

He added: "Automatic enrolment will get millions saving, giving many low and middle-income workers access to a pension, with a contribution from their employer, for the first time in their lives."

Pensions and saving products can often be quite daunting for people to get their heads around. So if you want to give your family a head start when it comes to financial products, why not check out this guide to teaching your youngsters about money matters?