“The Government’s intention to increase State Pension age from 67 to 68 – seven years earlier than expected – will be a blow to those generations who had hoped to retire in 2037.”
“Our research* shows that over half (48%) of UK adults would like to retire at the age of 61, with one in two (50%) happy to save more into their workplace pension to do so.”
“For those that want to stop working sooner, a workplace pension can bridge the financial gap but, for most, auto enrolment minimum contributions won’t be sufficient.”
“With the state pension slipping further from reach, the 2017 auto enrolment review needs to give serious consideration to the adequacy of workplace pension contributions, to give people the best chance of financial security in older age.”
– Ends –
For further information:
Tel: 0203 826 1464
Tel: 0207 343 1600
Notes to editors
*Research conducted by Opinium online between 13 December 2016 and 16 December 2016 with 2,000 UK respondents of the age of 18 and over
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A company wholly owned by Danish pension scheme ATP; one of Europe’s largest pension funds. NOW: Pensions entered the UK market in 2011 with a simple and cost effective workplace pension designed specifically with the auto enrolment market in mind.
NOW: Pensions was one of the first providers to achieve independent assurance of scheme quality in accordance with the master trust assurance framework (AAF02/07) introduced by The Pensions Regulator in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).