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

Friday 04 Mar 2016 @ 13:05
Wired-GOV Newswire (news from other organisations)

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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