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Commenting on the PLSA adequacy report “Retirement Income Adequacy: Generation by Generation” published today (24 November 2016), Darren Philp, Director of Policy and Market Engagement at The People’s Pension has said:
“Automatic enrolment has got off to a fantastic start. Employer compliance is generally good and opt out rates are low. But the job is far from being done. The analysis shows that contribution rates need to go up and that some groups of savers will struggle to achieve adequacy even with significant increases in contributions.
“We need to kick-start the debate on what contribution levels should be in the long term. But this needs to build in the evidence of what happens to opt outs as contributions rise to 8% in 2019. The upcoming 2017 review of automatic enrolment provides a good springboard to do this and we are looking for a wide-ranging review that covers adequacy and coverage.
“A failure to debate and discuss these issues now will just lead to prevarication and delay and will just mean more people will be poorer in retirement.”
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About The People’s Pension
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with 2 million members and over 30,000 employer accounts.
Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector.
We tweet as @peoplespension.