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ONS figures show number of savers at record high

More people than ever are now saving for retirement through occupational pension schemes.

The number of savers rose 12 per cent from £13.5 million to £15.1 million in 2016, according to Office for National Statistics data.

Active membership of defined contribution pension schemes increased to 7.7 million from 6.4 million two years ago.

The survey that tracks how much people save shows that while active membership of schemes is getting bigger, the average member contributions to schemes remains low.

Do retirement savers need national targets?

Average contributions to private sector schemes remain low at 3.4 per cent per member, split 1.2 per cent from the member and 2.1 per cent from their employer.

Hargreaves Lansdown senior analyst Nathan Long says: “The growth in pension savers shows auto-enrolment has been spectacular at changing the financial future of the nation. Attention should now shift to helping everyone gain the confidence to take control of their own retirement if they want to.

“The amount people are paying in needs to rise but will automatically go up to 8 per cent of earnings when rules change in April next year.”


Auto enrolment – so far so good?

Jamie Clark – Business Development Manager The recent report from the Pensions Policy Institute demonstrates the sheer scale of auto-enrolment so far and what we can expect in the future. We’ve pulled out the key information to save you reading the full report. Auto enrolment in numbers Sources: Pensions Policy Institute, The Future Book: Unravelling […]

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Government changes to auto enrolment

Jamie Clark – Business Development Manager Proposals to change the way auto enrolment works have been published by the Department for Work and Pensions. A review group looked at auto enrolment to examine whether it’s working properly and whether it could be adjusted to get more low earners saving more into pensions. We look at […]


Pensions regulator issues nearly 30,000 notices over auto-enrolment breaches

The Pensions Regulator has issued a record number of compliance notices against employers for breaching auto-enrolment rules, according to its quarterly enforcement bulletin. An update published today says that between April and June the watchdog issued 27,219 compliance notices, which is the most in any three-month period. The bulletin also notes how several different powers […]


Standard Life completes life arm sale to Phoenix

Phoenix Group has completed the acquisition of Standard Life Aberdeen’s Assurance limited. The final value for the deal has come in at £3.28bn, including £2.28bn in cash and a 20 per cent shareholding in Phoenix Group for SLA. SLA has has also confirmed plans for returning £1.75bn to its shareholders, £1bn to be returned through […]


Where there’s a will there’s a way

In this article, Graeme Robb, Senior Technical Manager explores the limited circumstances under which the Probate Service now accepts online applications from personal applicants. Key points Certain criteria must apply England & Wales only Online functionality will continue to be developed Probate trusts can avoid the need for probate in respect of a trustee owned […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. Given that most if not virtually all of this increase in the number of people contributing to pension funds is a direct result of compulsory auto-enrolment and that average savings levels are still far from adequate, particularly amongst the self employed, it’s hard to see this announcement as a great triumph. It’s certainly not indicative of an upsurge in public confidence in tax-assisted retirement saving, not least due to the government’s obdurate refusal to simplify the whole pensions framework and/or scrap the LTA. Your Average Joe (and many others besides) simply don’t trust pensions. The general view is that plans laid this year could be scuppered next year by yet more tinkering and meddling.

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