Pensions - Articles - Positive employment figures a chance to boost pension saving

Kate Smith, Head of Pensions at Aegon, comments on the latest ONS labour market statistics for the UK from the period May to July 2017 for people aged 16 - 64.

 “Today’s figures show that more people than ever are in work and this is largely being driven by the number of women in employment. Just over 70% of women aged between 16 and 64 are now in work, the highest ever since comparable records began in 1971. On the surface this looks like fantastic news as more woman, are not only working, but in full-time jobs. But for some, it’s bittersweet. More woman are now having to work longer to fill the income gap due to increases in the State Pension Age, as it rises to age 65 by late 2018. Staying in the workplace longer has both societal and financial advantages. Not only does it mean people receive a salary, but also due to auto-enrolment, they can continue to save in a pension and benefit from their employer’s contributions. 

 “It’s not unsurprising that the young, aged 16 to 24, have the highest unemployment rate at 11.9% compared to the average of 4.3% ,as almost half are full-time students, although some have part-time jobs. One of the benefits of working, is the right to a workplace pension. As soon as young people start working, and meet the eligibility conditions*, they will automatically be enrolled into a workplace pension, and immediately start saving and benefiting from their employer’s contribution. Getting into the savings habit early helps to build financial security in later life.

 • More people in work allows greater numbers to save in a pension
 • Highest number of people in work since records began
 • Highest number of women in work since records began
 • 16 -24 year olds have the highest unemployment rate

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