Last year there was a large increase in UK pension participation driven mostly by people in their 20s. 59% of employees saved money into their company pensions.
Auto-enrolment into workplace pensions has created a huge in young people saving for retirement. The proportion of employees saving money into a workplace pension scheme is at its highest level for 17 years, driven by a huge increase in the number of people in their 20s saving for retirement. In 2013, half of all employees saved into their company pension; this grew to 59% in 2014, according to figures from the Office for National Statistics. Although the increase was across age groups, the biggest leap was among the 22- to 29-year-olds, with 53% saving into a workplace pension last year compared to 36% in 2013. The increase, which reverses more than a decade of falling workplace pension scheme participation, is largely down to the government’s automatic pension enrolment programme.