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Trends in Workplace Pension Savings

Analysis from the Department of Work and Pensions has revealed that the number of eligible employees* saving into a workplace pension continues to grow. In 2024, 800,000 more individuals saved into workplace pensions, taking the overall percentage of eligible individuals saving to 89%. When all other employees are added into the mix the total saving also shows an increase, with 82% of all employees contributing to a workplace pension.

In general, those employed in the public sector are more likely to contribute than those within the private sector. There are also variations across regions with Scotland (93%) and Wales (92%) leading the way. In the South West, 90% of public and 89% of eligible private sector employees participate in workplace pensions.

Interestingly, an analysis of total contributions shows that on average employees contribute just 27p out of every £1 saved into pensions; with 62p coming from employers and 11p from income tax relief on contributions. 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.

*Eligible employees are those aged from 22 to state retirement age and earning more than £10,000 per year.