Record numbers of Britons are now saving into a workplace pension, thanks to the launch of the Government's auto-enrolment scheme. The latest official figures reveal that six in ten Brits are saving for retirement via a work pension, a rise of 2.7 million in just 12 months, taking the number to the highest level since 1997.
The auto-enrolment pension scheme, which forces employers to enrol staff into a pension that employees can choose to opt out of if they so wish, launched back in 2012, and has already helped to reverse the decline in people taking out pensions.
But while more workers are saving because of the scheme, figures from the Office for National Statistics also revealed that those benefiting from gold-plated final salary pensions has dropped to lower than ever before, and now represent less than half of all workplace pensions.
The ONS survey also revealed that public sector workers will be retiring with substantially larger pensions that private sector workers, as public sector employers pay in far higher contributions.
According to the Daily Mail, Minister for Pensions Steve Webb said: "The rise in the proportion of people saving for retirement over the past three years is stunning. Pension saving is now at its highest level since records began."
He added: "Millions more people are now saving into a workplace pension, allowing them to build a decent nest egg to enjoy in their retirement, on top of a reinvigorated new State Pension."
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