Addressing the conference in Blackpool’s Winter Garden’s, Dave McCrossen – Usdaw Deputy General Secretary said: “We all hope that we're lucky enough to enjoy a long and healthy retirement and a decent pension is a crucial part of that. It is vital that we take the time to learn about what our options are and what we're entitled to and Usdaw is here to help you do just that.
“Auto-enrolment into workplace pensions has been a huge success. In 2021, over £114 billion were saved in workplace pensions, an increase of nearly £33 billion since auto-enrolment was introduced in 2012. However, auto-enrolment only kicks in when people turn 22 and earn over £10,000 per year. Once people have been auto-enrolled, very few drop out.
“Yet, many people are missing out on the opportunity to save for retirement. This affects not just young and low paid workers, who do not qualify for the scheme, but also temporary workers, those on zero-hours contracts, and workers with more than one part-time job. Taken together, this adds up to millions of workers missing out each year, and millions of workers who have a more precarious and insecure retirement as a result.
“This legislation needs to be reviewed, with both the age limit lowered to 18 and the earnings trigger phased out; so that more workers can benefit from a more secure retirement.”
Notes for editors:
Usdaw (Union of Shop, Distributive and Allied Workers) is the UK's fifth biggest trade union with over 350,000 members. Most Usdaw members work in the retail sector, but the union also has many members in transport, distribution, food manufacturing, chemical industry and other trades www.usdaw.org.uk
For Usdaw press releases visit: http://www.usdaw.org.uk/news and you can follow us on Twitter @UsdawUnion