Comment on the DWP's review of auto-enrollment
Author: Age UK
Published on 18 December 2017 12:00 AM
Age UK comment on the Department for Work and Pension, and its publication of the auto-enrolment review.
Caroline Abrahams, Charity Director at Age UK said:
'Being able to look forward to a secure retirement on an good income is something to which we all aspire, and this report shows that, although auto-enrolment into workplace pensions has had an excellent start, it is not yet 'job done'. We welcome the proposals it contains to bring more people into pension saving, to increase the money going into pensions and to trial ways of bringing self-employed people into pension saving.
'However, there are still many people who will lose out by not meeting the eligibility criteria, and it is vital that the Government continues to develop this work to ensure that people working in multiple, low paid jobs are able to save for later life. We also need urgent action to ensure that low paid workers who have been auto-enrolled in 'net pay' schemes receive their due tax relief.
'This is a marathon, not a sprint, and as well as increasing at the money going into pensions, the Government also needs to consider how best to support people in drawing down their savings securely and cost-effectively when they come to retire.'
We work with our national partners, Age Scotland, Age Cymru and Age NI and our local Age UK partners in England (together the Age UK Family). We also work internationally for people in later life as a member of the DEC and with our sister charity Help Age International.
Age UK believes that everyone should have the opportunity to make the most of later life, whatever their circumstances. We provide free information, advice and support to over six million people; commercial products and services to over one million customers; and research and campaign on the issues that matter to people in later life. Our work focuses on five key areas: money matters, health and well-being, home and care, work and training and leisure and lifestyle.
Age UK is a charitable company limited by guarantee and registered in England (registered charity number 1128267 and company number 6825798). Age Concern England and Help the Aged (both registered charities), and their trading and other associated companies merged on the 1st April 2009. Together they have formed the Age UK Group ("we"). Charitable services are offered through Age UK and commercial products are offered by the Charity's trading companies, which donate their net profits to Age UK (the Charity).