PracticeWEB No Comments

78% of eligible employees participated in a workplace pension scheme in 2016, according to the Department for Work & Pensions.

The biggest jump in growth was from those under 30 working in the private sector with the number of people participating increasing from 24% in 2012 to 68% in 2016.

By industry, 89% of those working in the energy and water sector took part in a workplace pension, compared to 44% working in agriculture and fishing.

By region, employees in the South West saw the biggest rise in participation with 94% having enrolled into workplace pensions.

Alistair McQueen, head of savings & retirement at Aviva, said:

“Today’s millennials face financial pressures like never before. House prices have sky-rocketed, a ‘job-for-life’ is a thing of the past, and it is not uncommon to begin your career with thousands of pounds of student debt.

“Millennials want to prioritise long-term saving before short-term spending and they are putting their money where their mouth is. No longer can people claim that today’s millennials are living just for today.”

Talk to us today about your workplace pension.