UK - Trade unions are urging the government to make pension scheme membership and employer contributions compulsory.
TUC deputy general secretary Brendan Barber said: “Employers are instinctively cautious about being required to contribute 10% of pay into pensions, but this can be phased in, just as the minimum wage is being phased in.
“A starting point of 4% of pay is far less than decent employers currently invest in staff pensions.”
Barber said employers had been proved wrong when they predicted that the minimum wage would be a disaster and they would be proved wrong on compulsory contributions too.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.