More Young People saving thanks to Automatic Enrolment

The TPR, the Pensions Regulator, has published a report examining the impact of automatic enrolment so far, along with future challenges.  A key finding was that more people in their twenties are now saving into their workplace pension due to the success of automatic enrolment. The report also shows a significant reduction in the gender gap in pension saving and an increase in savings among employees of small and micro businesses.

The report has been published annually since the start of automatic enrolment in 2012 and this is the final publication. Key highlights of the report include:

  • Between the introduction of the reforms in 2012 and April 2018, the overall proportion of eligible staff saving into a pension increased from 55% to 87%.
  • In the private sector, participation seen in 22 to 29-year olds increased from 24% in 2012 to 84% in 2018.
  • In 2018 participation rates for both male and female eligible employees in the private sector was 85%.

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