The future of saving into a pension at work
Money Box
BBC
4.2 • 825 Ratings
🗓️ 10 April 2019
⏱️ 30 minutes
🧾️ Download transcript
Summary
Are you saving into a pension at work? Has this happened automatically via auto enrolment? In just six years, this Government policy has encouraged ten million more people save into a pension. But not everyone is eligible to take part. So they get no employer contribution towards their retirement pot. People paid less than ten thousand pounds a year and the self-employed are currently excluded from the scheme. Paul Lewis and expert panel discuss the future of pension saving at work. How can more people be encouraged to save for their old age?
Guests: Laura Gardiner, Resolution Foundation Meredith McCammond, Low Income Tax Reform Group Will Sandbrook, Nest Insight Emma Heathcote-James, Federation of Small Businesses
Email moneybox@bbc.co.uk or call after one o'clock call 03 700 100 444.
Transcript
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| 0:46.8 | Hello, every employer has to offer its employees a workplace pension. |
| 0:50.7 | And if they earn more than £10,000 a year and are aged at least 22, |
| 0:53.9 | it has to automatically enrol them into it. As a result of this auto-enrollment, |
| 0:56.6 | more than 10 million people are now paying into a pension and this week their contributions |
| 1:01.0 | rise. It's the last of three increases and takes contributions to what's usually called 8% |
| 1:06.6 | of pay with the employee paying most of that. Those contributions, are still below what's needed to give an adequate pension, |
| 1:13.6 | one that replaces most of your earned income when you retire. |
| 1:17.4 | So as auto-enrollment reaches this sort of plateau, how is it working? |
| 1:21.9 | How can it be improved? |
| 1:23.5 | With me today to discuss that. |
| 1:25.3 | I have four guests, first Meredith McCammon. She's a technical |
| 1:28.8 | officer at the low incomes tax reform group. Meredith, I try to do the basics there, but just give |
| 1:34.2 | us the basics of auto-enrollment. So auto-enrollment is a government scheme that requires |
| 1:39.6 | employers to set up a workplace pension and enroll certain members of their staff into it automatically. |
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