Department for Work and Pensions (DWP) data may have identified an increase in workplace pension participation but more needs to be done to address the exclusion of the self-employed and low-earners, say pension experts.
According to the latest figures on workplace pension participation and savings trends of eligible savers, auto-enrolment saw almost four-fifths (79%) of employees saving in a workplace scheme in 2015. The data also found increased participation from ‘non-eligible' low earners, with those earning less than £10,000 contributing 24% in 2014/15, rising from 16% in 2012/13. AJ Bell senior analyst Tom Selby acknowledged auto-enrolment had helped in reversing the "worrying decline" in the number of people saving into pensions but added: "Harnessing inertia to get people saving into a pension...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
