Companies should encourage pension savings, warns the government

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Financial Services > Pensions > News

Companies should encourage pension savings, warns the government

Thu, 22 Jun 2006

Organisations have been urged to take steps to ensure that more UK residents enrol in company pensions.

A government official has claimed that Brits need to ensure their financial security for reaching retirement.

James Purnell, the minister for pension reforms, said that 4.5 million people work for employers that run company pensions but do not save in them, speaking at a seminar hosted by the National Association of Pension Funds.

Mr Purnell said: "Encouraging saving is the lodestar of our reforms. We want to tackle undersaving now and create an environment where individuals take personal responsibility for their income in retirement."

He added that the government will introduce personal pension plans in 2012, designed to make it easier for people to save, but savings and pension decisions should be made as soon as possible.

Furthermore, automatic enrolment would assist UK residents in their pension savings, as occupational schemes found that where it was in place, 89 per cent of employees stayed with their company pensions.

The government's recent pension reforms are designed to restore a link to earning and bring auto-enrolment into effect in 2012, which will be offset by raising the retirement age to 68 in the future.

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