Workplace Pensions
The question
To ask the Secretary of State for Work and Pensions, whether he plans to ensure parity in the pension contributions made by employers.
Answered by Torsten Bell
The Pensions Act 2008 sets out the legal minimum requirements for workplace pension contributions under automatic enrolment (AE). The total minimum level of contributions required is 8% of an eligible employee’s qualifying earnings, of which at least 3% must come from the employer.
Although the Pensions Act 2008 sets these statutory minimums, some employers may choose to pay contributions at a higher rate.
The Government have recently revived the Pensions Commission which will consider the broader questions of adequacy, fairness, and sustainability to guide the long-term future of our pensions system.
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