Liberal Democratic Party: Vast number of workers face reduced pensions contributions says Webb

42,000 employers are set to cut the contributions they make to their workers’ pensions as a result of the Government’s new pension reforms, official figures highlighted by the Liberal Democrats reveal.

The figures come from the Government’s own impact assessment of its workplace pension reform, the National Employment Savings Trust (NEST).

They come as ministers today announced new rules on the level of minimum contributions that employers will have to make.

Commenting, Liberal Democrat Shadow Work and Pensions Secretary, Steve Webb said:

“Government boasts that its workplace pensions reforms will make everyone better off in retirement are fanciful.

“How will people be better off if their employers cut the money they put into their pensions?

“It is now more important than ever that we have a decent state pension that people can fall back on.”