11 April 2014
Back to news homeThe government today halved its forecast for the number of people likely to opt out of workplace pensions from 30 per cent to 15 per cent over the lifetime of the automatic enrolment programme.
Tim Jones, CEO of NEST, commented:
‘If these predictions are correct it’s very promising news for future generations of pensioners, who’ll be better off as a result. A workplace pension is a great helping hand for the future and it’s encouraging to see this message getting through. Our current opt out figures are around 7 per cent and hopefully they’ll continue to stay low. With a million people already saving with NEST, we look forward to helping many more save for a brighter future.’
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Notes to editor
About NEST:
NEST is a not-for-profit pension scheme which employers can use to meet their duties under the new workplace pension reforms. It was set up by statute and designed for the 11 million UK workers who were previously effectively locked out of retirement saving. Employers automatically enrolling their eligible workers have a legal duty to contribute to those workers’ pension pots, who may also get an extra helping hand from the government in the form of tax relief on their contributions, helping to build them a strong future.