Workplace Pensions—UK—June 2019: Phased Implementation of Automatic Enrolment

Posted by Deeksha on August 27th, 2019

According to Office for National Statistics, “over three-quarters of UK employees were members of a workplace pension scheme in 2018—a 29 percentage points’ increase compared with 2012. The number of employees with defined contribution—investment performance—has increased significantly over the years. The Office for National Statistics further infers that 90% of public sector and 72% of private sector employees participated in occupational pension in 2018. Acknowledging the trend, the level of UK employees participating in a workplace pension scheme has witnessed an upward trend against the backdrop of phased implementation of automatic enrolment of workplace pension schemes. In line with the trend, growth in employee pension scheme membership between 2017 and 2018 was attributed to an upsurge in private sector employees embracing occupational defined contribution schemes. These excerpts are according to the intelligence report, titled, “Workplace Pensions—UK—June 2019,” which has been freshly added to Market Research Hub’s (MRH) overarching repository.

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Working patterns—full- and part-time—in the private and public sectors witnessed a surge in workplace pension participation between 2017 and 2018. Compared to full-time employees, a significant percentage of part-time employees in the public sector were part of their workplace pension.

Amid all the conundrum, majority of employees are “sleepwalking into retirement” and do not have an iota of idea with regard to the amount needed to save for a comfortable retirement. Several employees are playing catch up since they do not know the sort of pension scheme they have. Accordingly, companies such as Aviva have rolled out a mid-life MOT for its own employees to decipher pensions for its staff. Nevertheless, life expectancy has increased notably over the years and people nearing retirement are sponsoring children through university or have additional expense of young adults living at home. Further, Center for Social Justice (CSJ) has been pressing for an increase in the state pension age to 70 and 75 by 2028 and 2035 respectively. 

Accordingly, maximizing payments into a pension via a workplace scheme has gained immense traction in recent years.

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Workplace Pensions—UK—June 2019: Report Content

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Workplace Pensions—UK—June 2019: Research Methodology

Primary sources and secondary sources propel intelligence report on workplace pensions—UK—June 2019 market that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst. Report on workplace pensions—UK—June 2019 market further acknowledges secondary sources—namely—Factiva, EC filing, press release, trade journals, resourceful database and governmental websites.