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Pension savings: The Auto-Enrolment Effect
Government figures have revealed that 88% of eligible employees saved into a workplace pension in 2019. That’s a significant improvement from the 55% who were saving into workplace pensions just seven years earlier. Much of this rise can be accounted for by those working in the private sector which has seen an increase of 44% in participation levels over the past seven years, as opposed to a rise of just 4% in the public sector.
Of equal interest is the statistic that 32% of non-eligible employees, those who because of their age or earnings level are not covered by auto-enrolment, also opted to save into a workplace pension last year.
A separate report into pension savings released in June 2020 revealed that of those people with pensions in the UK, 91% had a workplace pension and 61% had both a private and workplace pension. Nevertheless, that report also revealed an overall lack of knowledge in respect of pension plans with only 50% taking professional advice before enrolling in a pension scheme.
If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.