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Private pension membership is on decline as young start saving later

Young people are starting pension saving later in life and will have to save longer than previous generations and retire later, says the Pensions Policy Institute.

Until recently, membership of a private pension scheme had increased with each successive generation, according to the Pensions Landscape report. The proportion of young people starting private pension provision has fallen considerably over the last five years. The report found that only 33 per cent of people aged between 28 and 32, 33 per cent had a private pension by 24. This compares with 49 per cent of people five years older who had a private pension by 24.

The decline in non-state pension provision among those at the start of careers is even more stark. Among those aged 24 to 27 today, only 2 per cent had a private pension by 19, compared with nearly 20 per cent of those five years older.

PPI director Alison O&#39Connell says: “As people are not saving more and starting to save later, they may have to save for longer to build up the same private pensions as older generations. The situation where successive generations were increasingly likely to be a member of a private pension scheme appears to be changing.”

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