When it comes to replacing income in retirement, Canada lags about 10 per cent behind the average replacement rate for workers “across Organisation for...
Auto-enrol measures have helped drive participation in UK workplace retirement schemes to a record high, according to new data from the Office for National Statistics (ONS).
The data, writes Warren Lewis for the Financial Reporter, shows that membership in UK plans reached 39.2 million in 2016, an increase of 17.1 per cent compared with 2015.
“According to the analysis, active membership of occupational pension schemes was 13.5 million in 2016, split between the private (7.7 million) and public sector (5.7 million). Total number of preserved pension entitlements increased from 11.8 million in 2015 to 15.4 million in 2016,” writes Lewis.
“Auto-enrolment, based on this evidence, is having the desired effect. More people are now actively putting aside money for their retirements, and it’s this which is going to help the UK defuse the impending pensions time bomb,” Ross Andrews, director of fixed rate bond provider, Minerva Lending, is quoted saying.
More: Rising tide of savers shows retirement messaging getting through.