'Automatic enrolment is a success'
The CBI has responded to publication of the Department for Work and Pensions’ (DWP) review of automatic enrolment to workplace pensions.
Neil Carberry, CBI Managing Director
"Automatic enrolment is a success story. Across the country, more lower earners are saving for their retirement, based on an innovative approach designed and delivered in partnership by businesses, employees, government and the financial services industry.
"Today's report shows how far we have come, and makes some sensible suggestions about how to evolve the system in future. But much of the original plan is still to be delivered, with contribution rates rising over the next two years. For firms who are facing rising costs across the board - and employees with other legitimate calls on their income - it is right to complete this first phase and let it bed in before making further changes. A timeline of the mid-2020s for new proposals would be sensible and enjoy business support.
“It’s right to take steps to ensure the self-employed can benefit from pension saving sooner rather than later, and the CBI will be happy to help the DWP address this issue.”