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TUC: Progress on pension enrolment must be matched by decent employer contributions

The TUC has welcomed new figures yesterday from the Office for National Statistics which show growing numbers of workers with pensions schemes as a result of automatic enrolment.

The data show that workplace pension scheme membership has increased from 59% in 2014 to 64% in 2015. Membership increased most for the group aged between 22 to 29 years – up 7% to 61%.

However, the proportion of private sector workers who receive a contribution from their employer below 4% of their earnings has increased from 43% in 2014 to 50% in 2015.

TUC General Secretary Frances O’Grady said:

“Automatic enrolment is transforming pensions by boosting the number of workers who are saving for retirement. It’s especially good news to see a big increase in young workers with a pension.

“But getting more workers enrolled on a pension scheme is not enough alone. We need to build a consensus on how higher pension contributions can be achieved, or many people will find they have too little income to get by in retirement.”

NOTES TO EDITORS:

  • All TUC press releases can be found at www.tuc.org.uk
  • Follow the TUC on Twitter: @The_TUC and follow the TUC press team @tucnews

 

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