The millionth UK worker has been automatically enrolled into an occupational pension scheme, just nine months after the project began, pensions minister Steve Webb announced today.
Low-paid workers are far less likely to have a workplace pension and those that do have far lower employer contribution rates, according to the Trades Union Congress.
The overall impact of quantitative easing on UK pension funds has been exaggerated and should not be used as an excuse for schemes not to de-risk, Towers Watson said yesterday.
Penalising non-active members of pension schemes by using a two-tier charging system to benefit active scheme members could endanger the success of auto-enrolment, Legal & General said yesterday.
UK insurers are unlikely to significantly increase their investment risk in the near term, despite the impact persistently low interest rates are having on their earnings, Fitch said today.
Pensions minister Steve Webb has hailed the early progress made with pensions auto-enrolment and downplayed concerns over low levels of awareness of its requirements among small employers.
Peoples ability to fund their retirement from sources other than the state pension and their workplace pension savings means only one in five can expect their income to fall by more than 20% when they stop working, an economic think-tank said today.
