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Poll shows 77% of public back compulsion

Most MPs believe private pension contributions should be made compulsory, according to research commissioned by Virgin Money.

Virgin found that while 60 per cent of the MPs questioned supported compulsion, 64 per cent of MPs also thought that the UK was not yet ready to accept the move.

But more than 77 per cent of the public believe compulsion is a good idea, according to parallel consumer research also commissioned by Virgin.

The consumer research shows that half the country would be happy to contribute 5 per cent or more of their pay into a scheme. Seventy-five per cent of MPs believe compulsion should apply both to employers and employees.

The research was commissioned from TNS Harris to mark the anniversary of the introduction of stakeholder. TNS Harris interviewed 148 backbench MPs. The consumer research was carried out by Taylor Nelson Sofres Phonebus from a sample of 1,000 UK adults in February.

Virgin Money marketing manager Gordon Maw says: “We are calling on the Gov-ernment to introduce compulsory contributions. The introduction of stakeholder a year ago was a major step forward but just to have a better-value product is not enough.

“People need to see contributions going in regularly. Many people were already facing a pension shortfall in retirement long before employers began withdrawing major benefits such as final-salary schemes. Compulsion is the only way to fill that gap.”

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