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Low-paid workers hit by poor pension provision and low contribution rates
Low-paid workers are far less likely to have a workplace pension, and those that do have far lower employer contribution rates, according to a new TUC report published today (Wednesday) that assesses the health of UK pension provision.
The TUC Pensions Scorecard report examines the membership, contribution rates and governance of workplace pensions across the UK, as well as the retirement incomes they generate, identifying trends and areas where improvement is most needed. It focuses on the defined contribution (DC) schemes into which most workers will be automatically enrolled over the next few years.
The report shows that public sector workers are more than twice as likely as private sector workers to be contributing to a workplace pension scheme, while those earning over £300 a week are twice as likely to be paying into a pension as those earning less than that a week. This shows the importance of good quality schemes in securing high staff opt-in rates, says the TUC.
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