Employers support pension reforms, says DWP

Date: 26th August 2010

Small businesses operating in the UK could be among those found to be in support of the coalition government's pension reform plans.

According to recently-published figures from the Department for Work and Pensions (DWP), more than half of the UK's businesses are in support of introducing an auto-enrolment system.

Data from the study revealed that 56 per cent of businesses and 64 per cent of eligible individuals are in favour of the planned reforms.

Commenting on the figures, DWP minister Lord Freud said: "With only around half of employees saving into a workplace pension, our planned reforms are needed to prevent millions of Britons facing a penny-pinching retirement.

"It is encouraging that, despite the recession, the majority of employers are still in favour of pension savings."

Government figures show that seven million Britons are currently not saving enough money to deliver the pension they are likely to want or expect in retirement.

Posted by Thomas Fletcher