Farming News - Agriculture included in TUC pension blackspots
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Agriculture included in TUC pension blackspots
The TUC has today revealed the UK’s pension blackspots that includes agriculture. The analysis shows that only 4 in 10 in ten workers in hospitality and agriculture are paying into a pension.
The TUC says many are missing out on a decent retirement because they earned less than £10,000 last year – the level of earnings at which employers must enrol someone into a workplace pension.
Despite the success of pension auto-enrolment, nearly 9 million UK workers are still unable to save into a pension scheme.
In the Agriculture, forestry and fishing sector 65% of employees ( 93,000 ) do not have a pension.
The TUC also found evidence of a “pension lottery” among those saving into a workplace pension.
In low-paid sectors, like wholesale and retail, nine out of ten savers received contributions worth less than 8% of salary from their employer.
By contrast, in industries like financial services (where there are more high earners), the vast majority of savers received more than 8% in contributions from their bosses.
TUC General Secretary Frances O’Grady said:
“Auto-enrolment has been a great success. But it’s not a case of ‘job done’.
“Millions remain at risk of poverty in retirement because they are saving nothing, or very little, in a pension scheme.
“We urgently need the government to help more low-paid workers join schemes. And ministers must set out a plan for increasing contributions from employers.”