{"id":59251,"date":"2015-07-16T12:34:02","date_gmt":"2015-07-16T12:34:02","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=879da015c868231f8f2ec18f82b5a302"},"modified":"2015-07-16T12:34:02","modified_gmt":"2015-07-16T12:34:02","slug":"press-release-automatic-enrolment-workplace-pension-saving-at-a-10-year-high","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=59251","title":{"rendered":"Press release: Automatic enrolment: workplace pension saving at a 10-year high"},"content":{"rendered":"
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Workplace pension participation has rocketed to its highest level in a decade with young people and those in lower paid jobs among the biggest winners.<\/p>\n

New figures have revealed that overall, 70% of eligible employees \u201313.9 million people \u2013 paid into a workplace pension in 2014, a 15 percentage point increase in just 2 years.<\/p>\n

Young people in the private sector in particular have enjoyed a remarkable boost to their future retirement prospects, with more than half now saving. The 54% of 22 to 29-year-olds who made regular contributions in 2014 is more than double the 2012 figure of 24%.<\/p>\n

Bar staff, sales staff and workers in lower paid jobs are all benefiting too, with ever increasing numbers paying in. It is a further sign that the automatic enrolment pension reform is turning around the long-term decline in people who are saving for the future. <\/p>\n

Minister for Pensions, Baroness Ros Altmann said:<\/p>\n

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There has been a dramatic increase in pension saving across the board, which is great news.<\/p>\n

Automatic enrolment is key to a pensions revolution which is breathing new life into workplace pension saving, to help give people the security and independence to start planning for their future.<\/p>\n<\/blockquote>\n

The numbers of people participating are set to continue rising as automatic enrolment extends its reach to small and micro firms between now and 2018, by which time about 9 million workers will have been enrolled.<\/p>\n

We are working hard to try to help more employers set up and contribute to pensions for their employees.<\/p>\n

The government will be increasing the minimum contributions that must be paid in to automatic enrolment to 8% in 2018, to help people further accumulate a bigger retirement pot.<\/p>\n

Automatic enrolment has completely changed the face of pension saving. Instead of individuals having to fill out forms to join a pension scheme, they are now enrolled automatically by their employer provided they are at least 22 years old and under state pension age, and earn more than \u00a310,000 a year. If they don\u2019t want to belong they now have to actively opt out.<\/p>\n

The workplace pension participation rates<\/a> from the Office for National Statistics (ONS<\/abbr>) also showed that:<\/p>\n

\u2022\tthose earning between \u00a310,000 and \u00a320,000 saw the largest increase between 2012 and 2014, more than doubling from 21% to 50%<\/p>\n

\u2022\tthe participation rate for staff in hotels, restaurants and bars is now running at 59% \u2013 up 31 percentage points in just 2 years<\/p>\n

\u2022\tthe energy and water industry has the highest participation rate, with 83% of workers now paying into a workplace pension, an increase of 18 percentage points since 2012<\/p>\n

\u2022\t73% of women and 68% of men are now paying into a workplace pension, up by 15 and 16 percentage points respectively since 2012<\/p>\n

The automatic enrolment process has been completed by large and medium-sized employers, and is now rolling out to small and micro firms the length and breadth of the UK.
\nAll employers have to offer their eligible staff access to a pension scheme, regardless of how many people they employ.
\nSo far nearly 5.3 million people have been enrolled by more than 50,000 employers.<\/p>\n

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Read the latest ONS<\/abbr> automatic enrolment statistics<\/a><\/p>\n<\/div>\n

Contact Press Office<\/h2>\n

Media enquiries for this press release \u2013 0203 267 5134<\/p>\n

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Press Office<\/h3>\n
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\nCaxton House
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\nTothill Street<\/span>
\nLondon<\/span>
\nSW1H 9NA<\/span>\n<\/p>\n

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\n London Press Office (national media and London area enquiries only \u2013 not questions about personal claims)<\/span>
\n 020 3267 5144\n <\/p>\n

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