Auto-enrolment nears 10 Million Mark
Pensions auto-enrolment has been hailed as a success, with almost ten million new pension scheme members joining through auto-enrolment by the end of November 2018.
These numbers mean that more than half of the country’s working population are now members of a pension scheme, with more than 40,000 private pension schemes currently operating in the UK.
While auto-enrolment has helped millions of people start saving for a financially secure retirement, there are thought to be 9.2 million workers in the UK who still have no pension provision in place. Experts have warned that failing to contribute to a pension fund while in employment leaves workers facing a less comfortable retirement than they might have hoped for.
The Pensions Policy Institute recommend that 14% to 17% of salary is contributed to a pension fund, while employer pensions can boost the funds available by making further contributions. Recent figures from The Money Charity show that more than 21% of private sector employees receive additional contributions of more than 8% from their employers, while in the public sector 94% of employees receive employer contributions of more then 12%.
With so many funds on offer, contributing to a pension can be one of the most valuable investments you make in your own future. Why not speak to one of our advisers today for a no obligation review of your retirement plans and you can read more about our pensions and retirement planning advice here.