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Building trades have poor pension provision

Discussion in 'Trade Talk' started by JohnD, 8 Jan 2020.

  1. JohnD

    JohnD

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    https://www.ft.com/content/7c5edcf3-ba22-4f86-8552-1bdd6fe1063a

    "Less than a quarter of workers in the sector are saving for retirement, according to government figures"

    "Fewer than one in four blue-collar construction workers are saving into a workplace retirement plan, according to data that shed new light on the growing pensions crisis facing the self-employed.

    Figures obtained from the Department for Work and Pensions show that just 23 per cent of construction workers, including skilled trade occupations and plant and machinery operators, are “participating” in a workplace pension.

    About 349,000 blue-collar workers in the sector were signed into the company pension plan, out of 1.5m in total, according to the data. This contrasts with more than 10m employed workers automatically enrolled into a company pension plan since 2012.
    “These figures show that the government’s auto-enrolment pension policies are failing construction workers,” said Gail Cartmail, assistant general secretary of the union Unite, which obtained the figures through a Freedom of Information request. “This failure will result in hundreds of thousands of construction workers being forced into poverty when they retire.”

    Roughly half of blue-collar construction workers are officially registered as self-employed and therefore not eligible for auto-enrolment, according to Unite."
     
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