22 September 2016
Commenting on new figures published today (Thursday) by the Office for National Statistics, which show a record high membership in occupational pensions since the data was first published in 2008, TUC General Secretary Frances O’Grady said:
“Automatic enrolment has made a good start by bringing millions more people into workplace pensions.
“But it is a job half done. Too many women and lower-income workers still miss out.
“And we should be very concerned about plunging pension contributions. Millions who are doing the right thing by paying into a pension remain at risk of falling into hardship in old age.
“Next year’s review of automatic enrolment must be used by the government to provide a long-term plan for how workplace pensions will provide a decent retirement income for low and middle-earners.”
NOTES TO EDITORS:
- The full ONS release can be found at www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/pensionssavingsandinvestments/bulletins/occupationalpensionschemessurvey/2015
- ONS data shows that, for private sector defined contribution schemes (DC), the average contribution rate in 2010 was 2.7 per cent for members and 6.2 per cent for employers. In 2015 the average total contribution rate for DC schemes was 4.0% of pensionable earnings: 1.5% for members and 2.5% for employers.
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Issued: 22 September, 2016