The Pensions Regulator has published its annual report examining the impact of the auto-enrolment regime. The Report has been published annually since the start of the auto-enrolment regime in 2012.
Amongst the key findings of this year’s Report are the following:-
- The Report has found that more young people in their twenties are now saving into a workplace pension.
- The gender gap in pensions saving has been significantly reduced with as many women as men now saving into a workplace pension.
- There has been an increase in saving amongst employees of small and micro businesses.
The Report also highlighted that between the introduction of the reforms in 2012 and April 2018, the overall proportion of eligible staff saving into a workplace pension has increased from 55% to 87%. The annual amount saved by eligible savers was £90.4 billion in 2018, which is an increase of £16.8 billion on the total amount saved in 2012.