DWP analysis does however show that automatic enrolment has played a significant role in reversing a previous decline in membership of occupational retirement schemes with workplace pension participation; it swelled by 5.4m between 2012 and 2016 to reach 16.2m. This helped push the total amount saved into pensions in 2016 to £87.1bn, an increase of £3.8bn from 2015.
Steve Webb, head of policy with Royal London said:
“Just five years ago in 2012, less than a third of eligible private sector workers were in a workplace pension. The fact that this proportion had risen to nearly three quarters by 2016 is extraordinary. It is especially encouraging to see that the biggest growth has been among the under-30s.”
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The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
Page 137 of 145
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