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4 Mar 2024

Pop star Kate Bush has been announced as an ambassador for this year's Record Store Day, on 20 April.

4 Mar 2024

The British Book Awards has announced its shortlist for Independent Bookshop of the Year. 

4 Mar 2024

The ACT is happy to confirm the date for Local Bike Shop Day 2024 as Saturday 4 May, the weekend of the early May Bank Holiday.

4 Mar 2024

Research by global fintech company SumUp has revealed the best cities in the UK for independent businesses.

21 Feb 2024

The latest quarterly State of the Industry survey from the National Hair & Beauty Federation (NHBF) shows that the recovery of the sector was slow and steady through 2023 and into January...

21 Feb 2024

The UK has voted for its favourite pun-based shop name, and 'Sew It Seams' - a clothing alteration store in Belfast - has been awarded the top spot. 

21 Feb 2024

Businesses in the Devon town of Ottery St Mary have praised their local council for initiatives designed to help support them and boost trade.

19 Feb 2024

A new ranking of the most popular independent coffee shops in the world has put three UK cafes in the top 10.

19 Feb 2024

Older people could be the financial shot in the arm needed for Britain’s high street, according to research commissioned by the University of Stirling. 

8 Feb 2024

The ACS (the Association of Convenience Stores) has celebrated the crucial role that rural shops play in thousands of communities across the UK in its 2024 Rural Shop Report.

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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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