10 January 2005 - Make planning for retirement a priority in 2005 – Wicks
Employees returning to work after the Christmas break are being urged to make sure they’re on track for a comfortable retirement, by Pensions Minister, Malcolm Wicks. One of the easiest ways to do this is to check what options your employer can offer you.
There are approximately 4.5 million people who have access to company pension schemes but have not joined them. Where an employer makes a contribution to the scheme, these individuals are missing out on a significant employee benefit.
Malcolm Wicks said:
“Millions of people, particularly young people, are not paying into a pension scheme, even when they have access to a company scheme where the employer also contributes. Missing out on an employer contribution is much like turning down a pay rise.
“The start of the New Year is an ideal time to pause and take stock of your plans for retirement.
“So along with giving up chocolate and getting down the gym, add joining a pension scheme to your list of New Year’s resolutions – and make sure it’s the one you keep!
“2004 has seen dramatic developments in the way pensions are viewed and handled in this country. The initial report from the Pensions Commission set out the stark challenges we all face in providing for increasingly long retirements, bringing home the message that people must save more for their old age.”
Notes for editors
- The occupational pension is the most common form of pension provision, provided by employers/companies. Predominantly it is a combination of contributions from employers and employees. It is part of the overall employment package. The money an individual receives is money earned throughout his or her working life.
- Further information can be found on The Pension Service website, http://www.thepensionservice.gov.uk/atoz/atozdetailed/occupational.asp
- The Pension Bill was originally published on 12th February 2004 and can be found at: http://www.publications.parliament.uk/pa/ld200304/ldbills/125/2004125.htm.
- It received Royal Assent on 18th November 2004 and can be found at: http://www.legislation.hmso.gov.uk/acts/acts2004.htm
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