Data released earlier this week as part of a National Employment Savings Trust report has revealed that only a third of all private sector workers are currently contributing to a pension.
The report has suggested that for private sector workers pensions are not important, with only fourteen percent of those who participated in the report stating that they believed their current retirement saving plans were adequate.
In addition to the National Employment Savings Trust report, figures from the Office for National Statistics have suggested that the number of active pension savers in the UK has fallen from its peak of just over twelve million in 1967 to just over eight million in 2011.
However, despite the lower number of active pension savers currently in the UK, it is believed that with the introduction of auto-enrolment, which sixty-three percent of those who took part in the National Employment Savings Trust report agree with, there will be an increase in pension savers.
It is expected that eventually ten million will be enrolled into a workplace pension scheme, as a result of auto-enrolment, which will boost the value of annual pension contributions to £11 billion.
Whether you are currently saving for retirement or you are looking for the best pension option for yourself, myself and the financial advisors at Milsted Langdon are on hand to offer tailored advice, support and guidance.
Our pension services are designed to help you get the most out of your finances both now and in the future; so if you’re confused about pensions or worried about your finances come retirement, come and speak to us.
Milsted Langdon Director, Peter Groves, specialises in strategic business and tax planning, services for high net worth individuals and professionals.