Today the Office of National Statistics have released Pension Trends, chapters 6 through 8. Below is a summary of what each chapter details;
Chapter 8 Pension contributions summary:
-In 2010, the average employee in private sector defined benefit (DB) occupational pension schemes contributed 5.1 per cent of salary to their pension, compared with 2.7 per cent for employees in defined contribution (DC) occupational pension schemes.
-In 2010, the average employer contribution rate for private sector DB occupational pension schemes was 15.8 per cent of salary, compared with 6.2 per cent for DC occupational pension schemes.
Pension Trends, Chapter 6: Private pensions (2012 edition)
-In 2010 there were 8.3 million active members of occupational pension schemes, the lowest level since the 1950s.
-The number of people contributing to personal pensions continued to fall, from 6.4 million in 2008/09 to 6.0 million in 2009/10.
-The latest estimates show 7.4 million active members of DB schemes and 6.9 million people contributing to DC (including personal) pensions.
Pension Trends, Chapter 7: Private pension scheme membership (2012 edition)
-In 2010, there were 8.3 million active members of occupational pension schemes with two or more members in the UK, of whom 3.0 million were in the private sector and 5.3 million in the public sector.
-Estimates from the Family Resources Survey indicate that in 2010/11, 35 per cent of people aged 16 to 64 in Great Britain (13.6 million) were contributing to private pensions - 37 per cent of men and 33 per cent of women
-The Annual Survey of Hours and Earnings (ASHE) estimates that 48 per cent of UK employees were members of an employer-sponsored pension scheme in 2011, falling below 50 per cent for the first time since the series began in 1997.
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