State Pension currently provides essential financial support for over 12.4 million older people across the UK, including some 981,399 retirees living in Scotland.
22.04.2022 - 16:47 / dailyrecord.co.uk
New data from the Office for National Statistics (ONS) shows that around eight in 10 eligible employees had a workplace pension in April last year despite the tough economy.
The ONS said the workplace pension participation rate in the UK was 79% in April 2021, up slightly from 78% in 2020. In 2012 - the year automatic enrolment into workplace pensions started - participation levels were at less than half (47%). It said the growth was partly explained by increased public sector employment driven by the response to the coronavirus pandemic.
Since the rollout of automatic enrolment in October 2012, the difference in workplace pension participation between the public and private sectors has narrowed considerably.
The report said this was mainly driven by increased participation in the private sector.
The earnings "trigger" for automatic enrolment eligibility is £10,000.
Commenting on the new data, Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “Auto-enrolment has been a triumph, with pension participation in the private sector once languishing at a mere 32% now surging to 75%. However, there is still much more to be done as there are still too many people missing out on a workplace pension.
“Looking closely at the data we see that while eight out of 10 eligible employees now have a workplace pension, this falls to just two in ten among those who are currently too young to be auto-enrolled -the under 22s.
“Similarly, those who fall beneath the earnings trigger of £10,000 are also much less likely to have a workplace pension and so miss out on valuable contributions to their retirement.”
Helen continued: “The UK Government pledged in its 2017 Auto-enrolment Review that it would look to
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