New report shows pension saving continues to fall

A new report by the Office for National Statistics (ONS) has shown that the number of people working for private sector companies who are saving into company pension schemes has halved since 1991. In 1991 6.3 million people working in the private sector were active members of their employer’s pension scheme; by 2009 the number had fallen by around 50% to 3.2 million. The figures have been taken from the 2009 Occupational Pension Schemes Survey and would have been worse if it were not for the Post Office and BBC schemes being reclassified and moved into those counting towards the private sector. The ...

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, ...