Govt reveals £4.3bn surge in workplace saving during 2017

The total amount saved in workplace pensions has increased £4.3bn to £90.3bn in 2017, new government data has revealed.

The Department for Work and Pensions said employers paid in £53.8bn during the year, while employees contributed £27.5bn.

AJ Bell senior analyst Tom Selby commented: “Overall these figures show encouraging progress as automatic enrolment looks to turn the UK into a nation of savers.

“The number of people saving in a workplace pension continues to rise as the reforms are rolled out across the country, with matched employer contributions and tax relief increasing the value of member contributions more than three-fold. It is also extremely encouraging to see participation levels between men and women are now almost identical.

Selby added that now is not the time for complacency however.

"The small dip in the persistency of saving – defined as eligible employees saving in a workplace pension in at least three of the last four years – is potentially worrying, while it is clear the amount people are on average contributing to their retirement pots will need to increase," he stated.

“When this happens will likely be determined by a combination of politics and the health of the economy, while the reaction of members to contribution increases this year and next year will also be monitored closely.”

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