Record New Savers in Workplace Pension Schemes

Nearly 40 million workers are members of a pension scheme, according the latest figures from the Office for National Statistics

Emma Wall 28 September, 2017 | 3:03PM

Nearly 40 million workers are members of occupational pension schemes

Nearly 40 million workers are members of a pension scheme, according the latest figures from the Office for National Statistics. As of the end of 2016, total membership of workplace pension schemes topped 39.2 million, the highest level of record, rising 17.1% over the year from 2015. Of these members, 13.5 million are active members, meaning they are currently paying into a workplace scheme.

Private sector defined contribution (DC) scheme membership – where a retirement income is determined by the contributions made by the individual over the course of their employment – rose by an incredible 62.5% to 6.4 million.

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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