We store cookies on your device to make sure we give you the best experience on this website. I'm fine with this - Turn cookies off
Switch to an accessible version of this website which is easier to read. (requires cookies)

Pension saving at a record high

February 26, 2015 4:35 PM
Originally published by UK Liberal Democrats

Figures released by the Office for National Statistics show the highest level of pension saving since records began in 1997.

Pension membership has risen across all age groups. The figures underline the success of automatic enrolment, where workers are automatically placed in a pensions scheme.

key_Pensions.jpg

To date the programme has brought more than five million workers into a pension scheme.

The figures released in the Annual Survey of Hours and Earning statistics which reflect the picture in 2014 show:

  • 59 per cent of all workers are active members of a pension scheme, up from 47 per cent in 2012.
  • 49 per cent of all private sector employees are active members of a pension scheme, up from 32 per cent in 2012.
  • Pension membership has risen across all age groups, the largest increase being in the 22-29 age group, up to 53 per cent from 36 per cent in 2013.
  • Pension membership has increased for every earnings band in the private sector for full-time employees.

Commenting on the new report Liberal Democrat Pensions Minister Steve Webb said:

"The rise in the proportion of people saving for retirement over the past three years is stunning. Pension saving is now at its highest level since records began.

"This is due in no small part to the success of automatic enrolment which is changing the culture of pension saving in Britain. Millions more people are now saving into a workplace pension, allowing them to build a decent nest egg to enjoy in their retirement, on top of a reinvigorated new State Pension."