How Pension Scheme Membership is Evolving
by John Crowley
A lot has been moving in the workplace pension scheme arena, with perhaps the biggest shake-up of all being the Government announcing the gradual rollout of mandatory auto-enrolment.
But is anything actually changing regarding pension schemes in the workplace? A quick look at a publication by ons.gov.uk comparing stats from 2014 and 2015 suggests that yes, things are changing. Here’s how:
– Average Pension Scheme Membership Increasing. In 2014, only 59% of the national workforce was enrolled in some sort of workplace pension scheme. In 2015, this number increased to a much healthier 64%
– More Young People Joining Pension Schemes. Workers aged 22-29 saw the biggest increase in pension membership, with a total increase of 7 percentage points between 2014 and 2015 (54% – 61%).
– Public Sector Still Dominating Private Sector. The number of people enrolled in private sector workplace pension schemes is still hugely outweighed by those in the public sector – 87% of the public sector is part of a workplace pension scheme, compared with just 55% of the private sector.
Have you noticed your company’s attitude to pensions changing? If so, how? And how do you expect the figures to shift this year?
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