25 August 2010
Following new research from the Department for Work and Pensions
(DWP), 56 percent of all employers and 64 percent of eligible
workers support Government plans for automatic enrolment into a
workplace scheme starting from 2012.
Currently 7 million people are not saving enough for retirement
and 2.5 million fewer employees are saving in a private sector
company pension scheme than in 1995.
DWP Minister Lord Freud said:
"With only around half of employees saving into a workplace
pension, our planned reforms are needed to prevent millions of
Britons facing a penny-pinching retirement."
"It is encouraging that, despite the recession, the majority of
employers are still in favour of pension savings. We will
work with business and the industry to make automatic enrolment
work, so we can give millions more people the chance to save, and
an independent review team is currently looking at how we get the
details right."
Most eligible workers also support the forthcoming reforms
saying that if they were automatically enrolled into a workplace
pension scheme tomorrow, they would expect to stay in the
scheme.
On 24 June 2010 the Government announced an independent review
of how to make automatic enrolment work and a team of three
independent experts will report back to the Government in the
autumn.
