A new high of £24.8bn was paid into personal pensions in 2016/17 beating the existing £24.3bn record set in the previous tax year, according to the latest figures from the taxman.
Following a volatile time for pension savings in the aftermath of the financial crisis, the amount being saved into personal pensions has been on the rise since 2013/14, which Nucleus product technical manager Rachel Vahey attributed to the successes of auto-enrolment. Source: HMRC She said: "As expected the number of people contributing to a personal pension continues to soar as the effect of automatic enrolment kicks in. This is proof this initiative has been a success in getting people to kick-start the pensions savings habit. "The UK now needs to build on this foundation, to...
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