Only one third of people in the private sector now saving for retirement

The latest ‘Pension Trends’ report from the Office for National Statistics (ONS) shows that the number of people in the private sector making provision for their retirement has fallen dramatically in recent years. In 2002, 52% of men and 41% of women were paying into a pension scheme in the private sector, these figures have now dropped significantly with only 39% of men and 28% of women making contributions. Membership of pensions amongst self employed men has also fallen dramatically, from 64% in 1998/99 to just 38% in 2010. Conversely, the report found that the situation in the public sector was very different, ...

A guide to the National Employment Savings Trust scheme

NEST - advice regarding the newest government pension initiative planned for next year. An outline of the new pension scheme to be introduced in 2011. As part of a series of announcements on pensions the government has confirmed that all employers will have pay into a pension for their employees. Unless a comparable scheme is offered by the employer, employees will have to be enrolled in NEST (National Employment Savings Trust) and an employer must contribute. We thought we would take a look at this issue in more detail and see just how it affects both employees and employers. What is NEST? NEST will be a large money purchase scheme, the contributions it receives from employers and employees will be invested to provide a pension for the member at retirement.