Under pensions auto-enrolment, UK employers are legally required to set up a workplace pension for all qualifying employees.
The government introduced auto-enrolment in 2012 to help more people save for their retirement. Since then around 10 million people have been auto-enrolled and are saving for their retirement with their employer’s help. Employers currently contribute a minimum of 3% and employees a minimum of 5% but there are calls for these amounts to increase.
Six in 10 millennials are struggling to save for retirement thanks to childcare responsibilities, Phoenix Group has revealed.
Auto-enrolment should apply between age 16 and 74 and employers should contribute even when employees do not, says new report.
Just one in four UK employers think their defined contribution pension is adequate, according to WTW research.
Time women spend out of paid work for caring responsibilities one of most significant contributing factors to gender pensions gap.
One in five workers between the ages of 40 and 60 are so worried about retirement finances it is impacting their work.
Nearly two-fifths of workers in full-time employment think they will never be able to retire because they can’t afford it, a survey has found.
Morrisons has moved to a policy of employers and employees paying 4% into pensions since April.
Personnel Today provides an HR checklist of things to do in April 2024, as new employment laws come into force in the UK.
Women will need to work an extra 19 years to close the gender pension gap, according to a report from pensions provider NOW: Pensions.
Single and divorced women face higher financial penalties when they retire, according to Scottish Widows.
Morrisons is set to change pension contributions for hourly-paid staff, lowering its employer contribution, a union has claimed.
Shortening the length of time for which opt-outs from auto-enrolment remain effective could keep more workers in the NHS pension.
A research project by Nest Insights showed that requiring employees to opt out of saving boosted participation.
Stephen Bird says contributions to workplace pensions must double to avoid a “very real crisis” in UK retirement income.
DWP analysis shows a UK gender pensions gap of 35%, rising to 60% for people with their savings only in DC schemes.
