Farming News - Agriculture included in TUC pension blackspots

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.”