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18 Apr 2024

Independent record stores around the country are preparing to celebrate all things vinyl for this year’s Record Store Day on Saturday April 20th. 

18 Apr 2024

BIRA, the British Independent Retailers Association, has announced its partnership with this year’s SME National Business Awards., joining the 2024 awards as a leading sponsor, backing...

18 Apr 2024

A Midlands fish and chip shop is celebrating 40 years in business and offering half-price chips to mark the milestone.

18 Apr 2024

Assaulting a shop worker is to be made a separate criminal offence in England and Wales as part of a government response to a wave of retail crime. 

18 Apr 2024

Eleven new businesses that have opened in the last year in the historic arcades of Cardiff city centre’s Morgan Quarter, made up of the Morgan and Royal arcades, have helped the arcades...

15 Apr 2024

The Rediscovery Centre, the National Centre for the Circular Economy in Ireland, today announced its partnership with Cytech, the internationally recognised training and accreditation scheme for...

3 Apr 2024

Research by the University of Stirling and the Scottish Grocers’ Federation has shed light on the impact of rising staff costs on the convenience retail sector in Scotland.

3 Apr 2024

With large national chains increasingly disappearing from the high street, Drapers magazine has been looking at how independent department stores are stepping up their offerings to...

2 Apr 2024

The Baking Industry Awards return for their 37th year and are once again ready to recognise and reward the very best people, products, and businesses in the sector. The awards showcase the...

2 Apr 2024

Walsall's cycling community has been celebrating a family-owned business which celebrates its 90th anniversary this year.
 

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Saving into pension through work 'now seen as normal'

Posted on in Business News , Cycles News , Creative News, Outdoor News

Workplace pension saving has become "the norm" for many employees, according to research released by the Government.

piggy bankMore than four in five (83%) employees eligible for automatic enrolment now see saving through a workplace pension as a normal part of having a job.

Some 80% of employees are positive about the benefits of them being enrolled onto a workplace pension, while 83% say they know where to go to find out more information.

In addition 79% of those with workplace pensions would welcome increasing their savings alongside employer contributions.

The Government is currently reviewing how to continue to build upon the success of automatic enrolment and how to encourage as many people as possible to save into a workplace pension. The review will report to Parliament by the end of 2017.

Minimum automatic enrolment contributions will increase to 5% in 2018 and 8% in 2019, the Government has previously said.

Employees are generally eligible for auto-enrolment if they are aged between 22 and the state pension age, earning £10,000 per year or more and working in the UK.

The survey of more than 1,400 eligible employees included people who have been enrolled and those who are due to be.

The auto-enrolment scheme started in 2012 with the biggest firms having to auto-enrol their staff, and it is now being rolled out among small employers.

By 2018 it is expected that up to 11 million people will be newly saving or saving more as a result.

The proportion of people choosing to save into their pension rather than opting out has also been higher than had been expected, with around 9 in 10 people remaining.

The Pensions Regulator recently announced that 8.3 million people have been automatically enrolled onto a workplace pension by nearly 700,000 employers.

Work and Pensions Secretary David Gauke said: "Automatic enrolment has been a huge success, helping millions more people save into a workplace pension.

"These figures underline the fact that saving for a pension has become the new normal with people from all walks of life embracing it.

"A private pension should not be a privilege, it should be something that the vast majority can work towards to complement the state pension in later life."

 

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