The Pensions Regulator has just published its annual report card on automatic enrolment, the workplace #pension policy.
Key findings to follow:
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A whopping £90 billion was saved into workplace pensions by eligible savers in 2018 up from £16.8 billion from 2012
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Since 2012, the biggest increase in workplace pension particpation has been in the private sector.
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Auto-enrolment has led to a big increase in women saving for retirement. In 2018 participation levels increased to 85% for both male and female eligible employees in the private sector Before auto-enrolment there was a higher proportion of male employees workplace pensions.
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Auto-enrolment has led to a big increase in young people pension saving. In 2012, just 24% of 22-29 year olds were saving in a workplace pension. In 2018 that figure was 84%.
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