A press release from the longest serving pension minister Steve Webb arrived this morning. This is of particular relevance to Southport where so many people are employed in retail, hotels, restaurants and care services.
Builders,
waiters and gardeners are among those who will benefit most from automatic
enrolment into workplace pensions starting next month, new analysis by DWP
reveals today.
The
industries where workers are currently least likely to have a workplace pension
are Construction (with 33 per cent of workers saving); Distribution, Hotels and Restaurants (28 per cent); and Agriculture and Fishing
(19 per cent).
Gas
fitters, electricians and plumbers are among those building up the most savings
in any sector (66 per cent are saving), yet Energy and Water is the sector that
has seen the sharpest decline in saving, down 20 per cent over the past 15 years
from 86 per cent.
Automatic
enrolment will reverse this trend. Millions will get access to pension saving,
many for the first time, and everyone will get a contribution from their
employer.
Pensions
Minister Steve Webb said:
“Pensions
are far too important to be the preserve of the few. All workers deserve a
decent income in retirement, and far too many are missing out at the moment,
particularly those on low to moderate incomes who need them the most.
“Next
month, with the dawn of automatic enrolment millions of workers from every
industry across the country will start saving so they can secure a more
prosperous retirement.”
There has been a dramatic decline in the Distribution, Hotels and
Restaurant industries since 1997, with pension saving down from 46 to 28 per
cent. And saving is down in the Banking, Finance and Insurance sector
from 58 to 44 per cent
Pension
saving has fallen across all age groups, but it is steepest among those aged
22-29, falling from 43 per cent in 1997 to 24 per cent today.
Both
men and women are saving less, although pension saving has fallen further for
men – down from 59 to 44 per cent, and from 49 to 39 per cent for women.
Up
to 11 million people are expected to be eligible for automatic enrolment, with 6
to 9 million newly saving or saving more in all forms of workplace pension
scheme.
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