Commenting on today’s (Friday) ONS figures on workplace pensions, that show nearly 7 in 10 pension pots receive employer contributions of less than 4%, TUC General Secretary Frances O’Grady said:
“Pensions coverage is getting better. But too many employers are skimping on their staff pensions, contributing only the bare minimum.
“Pensioner poverty will get worse if the government doesn’t act now to boost contribution rates.
“Pensions are deferred pay. Millions of hard-working people won’t get the decent retirement they deserve unless action is taken.”
- For the full ONS release, click here: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/bulletins/annualsurveyofhoursandearningspensiontables/2018provisionaland2017revisedresults/relateddata
- Over three-quarters (76%) of UK employees were members of a workplace pension scheme in 2018, up from 73% in 2017; this is a 29 percentage points increase compared with 2012, when automatic enrolment was introduced.
- But 63% of members of defined contribution scheme members made employee contributions of 3% or less and 67% received employer contributions of 4% or less.
- The Trades Union Congress (TUC) exists to make the working world a better place for everyone. We bring together more than 5.5 million working people who make up our 49 member unions. We support unions to grow and thrive, and we stand up for everyone who works for a living.