TUC: Progress on pension enrolment must be matched by decent employer contributions
4 Mar 2016 12:00 PM
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.”
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