Pension savers reach record low

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Pension savers reach record low

The latest data from the Office for National Statistics has revealed the proportion of Brits presently saving into workplace pension schemes has fallen to a record low.

Overall, just 48 per cent of employed individuals in the UK are now putting money into a pension - the lowest figure since records began in 1997.

According to Darren Philp, policy director at the National Association of Pension Funds, a significant fall in pension uptake has been seen in recent years as the impact of tough economic times has forced many people to focus on the present rather than providing for their future.

He commented: "We've passed an important and worrying landmark. Less than half the workforce is now saving into a pension and with people living longer the UK is facing a growing headache in paying for its old age."

Meanwhile, Tom McPhail, head of pensions research at Hargreaves Lansdown,  argued that increasing levels of quantitative easing by the Bank of England over recent months has served to push down the value of pension pots for those who have spent a lifetime building their savings.

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