Fewer than four in ten British workers are saving into a private pension, official Government figures reveal.
The Daily Telegraph reports that new analysis from the Department for Work and Pensions shows the number of working-age people saving into a private pension fell from 46 per cent in 2000 to 38 per cent last year.
The figures come just ten months before automatic enrolment begins for the UK’s largest companies in October, 2012.
Pensions minister Steve Webb (pictured) says: “With fewer people saving into a pension, lower annuity rates and an average of 23 years in retirement, many people could face a poorer future in their later lives.
“We simply must put a stop this trend and get people saving. Automatic enrolment, beginning for the largest employers later this year, will get millions of people saving, many for the first time.”