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, ...