Pension Contribution Concern

Pension Contribution Concern

According to a recent survey conducted by B and CE Benefit Schemes, more than a quarter of UK workers say they cannot or do not know if they can, afford the proposed 4 per cent contribution to a to the national Personal Account pension scheme.  This reflects a substantial increase from last February, when in a similar survey, just 19 per cent felt this way.  

However, general support is still strong for the scheme, with tow out of the three workers supporting the government proposal for automatic enrolment into personal pension account saving schemes.  But only a third of workers believe the scheme will provide a reasonable retirement income.

Our view

Compulsory pension schemes are on their way and employers need to take action now as part of their payment package to ensure they are paying into a pension scheme rather than adding to the problem by offering pay rises and no pension scheme at the moment.

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Learn more about National Pension Personal Acounts and related topics in the Pensions Adviser Channel 

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