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27/02/2013
Over A Third Of UK Employees Opting Out Of Pension Scheme
The governments plan to boost workers retirement savings could be undone as research carried out for Aviva reveals more than a third of UK workers would opt out of any pension they are automatically enrolled into.
The government launched auto-enrolment in October 2012, with the UK’s largest firms obliged to put employees into a workplace scheme if there was not already one on offer.
A phased rollout will result in millions of workers being enrolled into schemes by early 2018.
However, employees have the right to opt out of the scheme, losing out on contributions from their employer and the government.
Of those workers questioned by the insurer, 37% said they would opt out, a figure unchanged since May 2012.
More than 4,000 private sector employees, and over 700 employers completed the insurers Working Lives report.
Just over half, 53%, said they had access to a workplace pension but only 38% said they were contributing to one.
Affordability was the main stumbling block, as almost half of those who were not taking up the pension they were offered said it was because they did not have the cash.
(H)
The government launched auto-enrolment in October 2012, with the UK’s largest firms obliged to put employees into a workplace scheme if there was not already one on offer.
A phased rollout will result in millions of workers being enrolled into schemes by early 2018.
However, employees have the right to opt out of the scheme, losing out on contributions from their employer and the government.
Of those workers questioned by the insurer, 37% said they would opt out, a figure unchanged since May 2012.
More than 4,000 private sector employees, and over 700 employers completed the insurers Working Lives report.
Just over half, 53%, said they had access to a workplace pension but only 38% said they were contributing to one.
Affordability was the main stumbling block, as almost half of those who were not taking up the pension they were offered said it was because they did not have the cash.
(H)
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11 March 2005
Civil service unions to take strike action
"Massive majorities" of public sector workers have voted in favour of strike action over the proposed rise in the pension age, it has been announced. Ballots conducted by Amicus, the Transport and General Workers Union, UCATT and UNISON recorded votes of between 73% and 87% in favour of a one-day strike across the UK on March 23.
Civil service unions to take strike action
"Massive majorities" of public sector workers have voted in favour of strike action over the proposed rise in the pension age, it has been announced. Ballots conducted by Amicus, the Transport and General Workers Union, UCATT and UNISON recorded votes of between 73% and 87% in favour of a one-day strike across the UK on March 23.
22 February 2013
15-Year Low For Pension Scheme Membership
Just 46% of the British workforce are members of a workplace pension scheme, as figures fell for the 11th year running. Data collected prior to the introduction of auto-enrolment in October 2012, showed the proportion of all workers joining a workplace scheme was at its lowest level since 1997 when the figures were first collated.
15-Year Low For Pension Scheme Membership
Just 46% of the British workforce are members of a workplace pension scheme, as figures fell for the 11th year running. Data collected prior to the introduction of auto-enrolment in October 2012, showed the proportion of all workers joining a workplace scheme was at its lowest level since 1997 when the figures were first collated.
12 February 2004
Greater protection promised for employees through Pensions Bill
A new fund to make sure workers get the pension they were promised has been unveiled in the Pensions Bill published today. Among the package of measures, the Pension Protection Fund will, it is hoped, make pensions more secure and simpler to understand.
Greater protection promised for employees through Pensions Bill
A new fund to make sure workers get the pension they were promised has been unveiled in the Pensions Bill published today. Among the package of measures, the Pension Protection Fund will, it is hoped, make pensions more secure and simpler to understand.
15 April 2005
Workplace racism is ‘damaging’ careers, TUC claims
Racism in the British workplace is “damaging” the career prospects of many black workers, the Trade Union Congress (TUC) has claimed. The TUC said that black workers get less training opportunities, although they are often better qualified than their white counterparts.
Workplace racism is ‘damaging’ careers, TUC claims
Racism in the British workplace is “damaging” the career prospects of many black workers, the Trade Union Congress (TUC) has claimed. The TUC said that black workers get less training opportunities, although they are often better qualified than their white counterparts.
07 April 2005
Pension Protection Fund launches
A scheme to protect employees' pension schemes in the event of their employer declaring bankruptcy has been launched.
Pension Protection Fund launches
A scheme to protect employees' pension schemes in the event of their employer declaring bankruptcy has been launched.
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