Age UK response to the auto-enrolment review
Published on 27 October 2010 01:30 PM
Commenting on the DWP response to the auto-enrolment review published today, Michelle Mitchell, charity director at Age UK, said, ‘We welcome the confirmation that NEST will go ahead as a low-cost pension scheme designed for people on low incomes and we are glad the uncertainty is over.
'While we have some concerns about the increase in the threshold and the introduction of a waiting period, we are relieved that there will be no exemption for small firms.
‘At last, the vast majority of employees will have the option to join a private pension scheme with a contribution from their employer, giving them a better chance of securing a decent retirement income. A well designed scheme should finally encourage those on modest incomes who have not previously had access to private pensions to save, helping to eradicate pensioner poverty in the long term.
‘The government must now invest in providing good quality advice about pensions and savings, to help people make informed choices on saving for retirement and take advantage of the new options ahead of them.'
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Notes to editors
Age UK is the new force combining Age Concern and Help the Aged. The Age UK family includes Age Scotland, Age Cymru and Age NI.
Media contact: Stefano Gelmini
Tel: 020 8765 7514
Out of hours: 07071 243 243