Workplace Pension Saving Nears £100bn

Latest figures from the Department for Work and Pensions show more than 19 million UK employees are saving into a pension - but age, earnings and region all affect take-up rate

Annalisa Esposito 22 June, 2020 | 9:39AM

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Some 19.2 million workers are saving into a workplace pension, latest figures from the Department for Work & Pensions reveals. It estimates that since auto-enrolment came in force in 2012, the proportion of eligible employees participating in a workplace pension has increased by a third. 

It means that by the end of 2019, UK employees had saved a staggering £98.4 billion into their pension plans since auto-enrolment began, up £5.3 billion from the previous year alone. The upward trajectory is expected to continue even while the minimum contribution level under auto-enrolment has increased. Workers now save 8% of their salary into their pension under auto-enrolment (including at least 3% from their employer) - up from just 3% when the scheme was first introduced. Despite this, drop-out rates has remained low at around 10%.

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About Author

Annalisa Esposito  is a data journalist for Morningstar.co.uk

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