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Pensions savings total £90.4bn in 2018

Despite various contentions in the pensions space, Brits placed a total of £90.4bn into pension schemes during the course of last year.

Commenting on the figures, Royal London pension specialist Helen Morrissey says Britain is returning to follow a trend of saving.

She says: “These figures show that Britain is getting back into the pension savings habit with over £90bn saved by eligible employees.

“Auto-enrolment has played a particular part in this with pension participation in the private sector increasing massively since 2012.”

Current working groups including the self-employed will be crucial to ensuring contribution rates continue to rise, however.

Morrissey says: “We need to build on this success to ensure groups such as part time workers and the self-employed are also participating as much as possible.”

Despite high savings levels, more than a third of people are still accessing pensions without the help of a financial planner.

Figures from the Association of British Insurers this week showed 34 per cent of the 62,000 who accessed their pensions for the first time in 2018 did so without any form of advice.

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