The Pensions and Lifetime Savings Association has commented on the Government’s scope of the automatic enrolment review.
Joanne Segars, Chief Executive, Pensions and Lifetime Savings Association, said:
“Automatic enrolment has been a huge success to date, with almost seven million more people now saving for retirement. Our recent report, Retirement Income Adequacy: Generation by Generation, highlights both the contribution which automatic enrolment is already making to future retirement incomes and the need for minimum contributions to increase in the future to at least 12%.
“The 2017 review is an opportunity for the Government to set a direction for the next decade of automatic enrolment. This should include the creation of an independent commission to advise on how and when to increase contributions in future as well as careful consideration of the current coverage of automatic enrolment. With more than two years to go until automatic enrolment is fully rolled out though we need to focus on the immediate jobs in hand: bringing hundreds of thousands of small employers and millions more savers into workplace pensions, and making sure op-out rates don’t increase as contribution rates rise to 8%.”
NOTES TO EDITORS:
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
Lucy Grubb, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023,
Babak Mayamey, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1718, M: 07825 171 446,
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007713,