50% of all employees are now in a pension scheme
Recent figures from the Office of National Statistics (ONS) show that in 2013, 50% of all employees were in a pension scheme. Pension participation increased in 2013 for the first time since 2006, and was the largest increase since records began in 1997.
Employees over 65 are the least likely to have joined their employer's workplace pension scheme, with employees under 30 the second least likely category to have joined.
Steve Webb, Minister for Pensions, said:
“Our reforms for pensions are working. More people are saving and this shows that even at an early stage, automatic enrolment is having an extraordinary impact.
The scheme has gone from strength to strength and now over 3 million people have been automatically enrolled. Ensuring people can plan for their retirement is paramount to a strong economy.”
If you are thinking about pension saving for the first time, you can read a simple introduction to pensions on our website here.
If you would like to know more about automatic enrolment, our website has a clear explanation here.
Our mission is to make pensions accessible to everyone, so if there is anything you do not understand, please contact us and we will be pleased to help. To discuss any pension-related issue: