May 29 2008
The Tax Incentivised Savings Association (Tisa) has called on the government to adjust its policy to encourage the early adoption of auto-enrolment onto workplace pension schemes.
According to Tisa, employers can help their workforce in their efforts in saving for retirement by auto-enrolling them onto a pension scheme and they should be encouraged by legislation to do so.
The comments come after the government received confirmation that its plans for a personal accounts pension system, involving auto-enrolment from 2012, is consistent with European laws.
Director-general of Tisa Tony Vine-Lott commented: "Nearly five million people are not taking advantage of working for a company that offers a workplace pension.
"This move could play a pivotal role in getting more people benefiting from saving now, rather than having to wait until 2012."
Earlier this week, Alliance & Leicester reported that the UK's ongoing economic slump has prompted a notable increase in the desire to save for retirement among British consumers.
