Personal Finance News

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million

News archive

This Week's Personal Finance News Update

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12 - More than half of parents are unaware of Junior ISAs
30/10/12 - Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12 - Brits left with £1.4bn repair bill during 'mischief week'
29/10/12 - East of England landlords at apex of yield chart
29/10/12 - Buyers more optimistic about Scottish property market

News

27/07/2012 16:27:34

Auto-enrolment set to reverse 15% pensions slump

The government's auto-enrolment scheme for workplace pensions will help to reverse a 15 per cent overall drop in employees' pension saving, the government has said.

Pensions minister Steve Webb believes that auto-enrolment will create a "monumental" savings shift.

In 2007, 31 per cent of private sector employees were active members of their employers' pension scheme but this has since fallen to just 26 per cent.

There has also been a ten per cent drop in the number of private sector organisations offering pension provisions for their staff.

However, 45 per cent of firms without a current workplace scheme are now intending to use the National Employment Savings Trust (NEST) scheme - a move welcomed by Mr Webb.

"Automatic enrolment into workplace pensions will start the monumental shift we need to get millions more people in Britain saving for their retirement," explained the pensions minister.

"It is good news that so many say they will use NEST."

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