Pensions - Articles - DWP Minister on roadmap for pension contribution increases

 The Department for Work & Pensions has already found that 38% of working age people (equivalent to 12.5 million people) are not saving enough for retirement and increasing the minimum pensions contributions for AE is widely seen as a key means of solving this problem. The Labour party supported the idea in opposition but appear to have cooled on the idea now in government.

 At the Labour Party Conference event this morning, the Society of Pension Professionals (SPP) asked Sir Stephen what plans the Government had to increase AE contributions in the future.

 Sir Stephen Timms MP responded: “I am not the Pensions Minister and I realise we are living through a cost of living crisis but as I said when I chaired the Work and Pensions Select Committee, I think we have got to have a road map so people can see we are committed to doing this and when."

 Sophia Worringer, Deputy Policy Director at the Centre for Social Justice added: “This is a huge problem that we can’t just keep kicking down the road.”