Pensions - Articles - Reaction to latest workplace pension statistics


Royal London’s Director of Policy, Steve Webb, commented on the analysis of workplace pension coverage over the last decade

 ‘Just five years ago in 2012, less than a third (31%) of eligible private sector workers was in a workplace pension. The fact that this proportion had risen to nearly three quarters (73%) by 2016 is extraordinary. When all firms have completed the process of automatic enrolment by the end of 2017/18, we could easily be talking about more than four in five private sector workers starting to save for their retirement. It is especially encouraging to see that the biggest growth has been among the under 30s, with coverage rising from around one quarter of twenty-somethings in a pension to roughly two thirds, albeit that the amounts being saved are still very low.

 These figures do however show the contrast between employees and the self-employed. Even with a slight improvement in 2016, pension scheme membership by the self-employed stands at just one in six. Urgent action to include the self-employed within a version of automatic enrolment cannot happen quickly enough’.

 View the latest statistics here

Back to Index


Similar News to this Story

FCA propose new interactive digital pension planning tools
Alongside targeted support proposals, the FCA also launched a Consultation Paper containing a package of proposals to help consumers navigate their fi
Building resilience in derisking strategies for DC members
The traditional model of derisking defined contribution (DC) pension schemes into default investment strategies is increasingly out of step with how t
7% of employers see salary sacrifice change making an impact
30% of schemes currently pass some or all of NIC savings to members. 13% of schemes believe it’s highly likely they will need to review current pensio

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.