BLOGS
Pension membership sees biggest increase since records began
The Office of National Statistics (ONS) recently released their 2013 Annual Survey of Hours and Earnings: Summary of Pension Results which showed the proportion of employees belonging to a workplace pension had increased to 50%. Not only is this the biggest increase since records began in 1997, it is also the first increase since 2006.
Other key points highlighted in the report included:
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85% of public sector employees and 36% of private sector employees had a workplace pension scheme in 2013.
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In the private sector, 51% of employees within large employers (5000+ employees) were members of a workplace pension in 2013 compared to 36% in 2012.
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In the public sector, 75% of full time employees earning £100-200 per week were members of a workplace pension in 2013 compared to 59% in 2012.
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In 2013, 23% of employees with defined contribution pension schemes received employer contributions of greater than zero and under 4% of pensionable earnings, compared to 11% in 2012. The proportion of employees with defined contribution schemes receiving employer contributions of over 12% was 20% in 2013 compared to 33% in 2012.
These figures follow another milestone for auto enrolment, with The Pensions Regulator recently announcing that there are now over three million workers saving into a workplace pension scheme as a result of auto enrolment.
Have you started preparing your business for auto enrolment yet? IRIS is helping businesses prepare with a full range of auto enrolment solutions. Visit the auto enrolment page today to see how IRIS can help you.