NOW: Pensions comments on ONS Occupational Pension Schemes Survey

FOR IMMEDIATE RELEASE 6 September 2018

Commenting on the ONS Occupational Pension Schemes Survey report Troy Clutterbuck, CEO of NOW: Pensions said: “There has been a stratospheric rise in pension saving since the introduction of auto enrolment. The ONS data shows that active membership of private sector DC schemes has risen from 1 million in 2012 to 7.7 million in 2017. This makes very encouraging reading.

“But, there is a huge gulf between the fortunes of DB and DC savers with DB schemes contributing 25% of pensionable earnings versus private DC schemes contributing a paltry 3.4%.

“To prevent the auto enrolment generation being bitterly disappointed when they come to retire, minimum contributions need to urgently rise beyond 8%.

“One of the side effects of auto enrolment will be an explosion in the number of preserved pension entitlements. The ONS data shows that this is already happening with an increase from 11.2 million in 2016 to 11.6 million in 2017. This underlines the needs for the Pensions Dashboard which would help people keep track of their growing number of pension savings.”

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For further information:

 

Amy Mankelow / Cheriton Alexander

NOW: Pensions

Tel: 020 3890 6197 / 020 3890 6199

amy.mankelow@nowpensions.com / cheriton.alexander@nowpensions.com

 

Ben Wright

Cicero Group

020 3841 9333

ben.wright@cicero-group.com

 

Notes to editors

 

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 has a good technical infrastructure combined with a pension product suitable for our team. We couldn’t be happier with NOW: Pensions.
Martin Woods, SALT.agency