The numbers of workers saving into a pension has fallen to a new low, according to statistics from the Office for National Statistics.
The figures show only 48% of workers are saving into a pension, the first time the figure has fallen below 50% since ONS began collecting the information in 1997.
Despite threats to pension arrangements, saving in the public sector has remained consistent, with 83% of staff enrolled in a pension. Meanwhile, private sector membership has fallen to 33%.
Only 30% of workers have access to a defined benefit scheme, compared with 46% in 1997.
Darren Philp, National Association of Pension Funds policy director, called this “an important and worrying landmark”.
“Reforms to automatically put all workers into a pension will be a huge help in tackling the UK’s savings crisis, especially in the private sector,” he said. “But more needs to be done. We must work to provide pensions that people have the confidence to save in. This means rebuilding confidence in the pension brand.”
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