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Archived Annuities News / Income Drawdown News

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Number of employees with pension savings drops by 15%

The number of workers who are active members of their employers’ pension scheme has dropped by 15% in the last five years, according to figures from the Department for Work and Pensions (DWP).

Further findings from the research reveal that there has also been a 10% drop in the number of private sector organisations offering pension provision for their staff. This is down from a figure of 41% in 2007, to a current figure of 31%.

The government has recently announced a number of changes to the UK pension system, including making it compulsory for businesses to enrol staff in a new national pension scheme unless they already offer a comparable pension scheme.

In addition, companies will also have to make a minimum contribution into pension schemes for the majority of workers from this October.

The new measures have been put in place to safeguard the retirement income of some nine million private sector employees, and the changes are set to impact 750,000 employers who don’t currently offer pension provision for their staff. Anyone working in the private sector with an existing annuity may also be affected by the news.

Pensions Minister Steve Webb argued that the automatic enrolment scheme will reverse the fall in pension saving.

45% who had no pension provision are set to take up the new national pension scheme, called the National Employment Savings Trust (NEST), to provide greater financial security for their employees.

11% of firms also argued that they will set up their own scheme, while a further 5% say that they will use a combination of both measures.

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