Now Pensions has revealed it has submitted an application for master trust authorisation to The Pensions Regulator (TPR).

Pension savers will now be putting away more in their pots, as part of an increase in auto-enrolment minimum contributions, from 5% of qualifying earnings to 8%.

The Government’s consultation on the proposed Pensions Dashboard has concluded and the report, published yesterday, pledged primary legislation to make it a reality.

Savers could be short-changed by as much as £40,000 unless changes are made to the way auto-enrolment minimum contributions are calculated.