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Employee Benefits News

Latest News
30 Sep 2013

Number Of Workplace Pension Scheme Members Falls In 2012

New data released by the Office for National Statistics (ONS) has revealed that the number of people making contributions into a workplace pension scheme fell by 400,000 last year to 7.8 million, compared to 8.2 million in 2011.

Meanwhile, total membership of occupational pension schemes with at least two members was reported at an estimated 27.6 million for 2012, an increase of 400,000 from 2011. This figure excludes other workplace pensions, such as group personal pensions or group stakeholder pensions.

According to the ONS, 5.1 million active members paying into workplace pension schemes are employed within the public sector. The remaining 2.7 million are employed in the private sector.

In relation to the private sector, the average contribution rate for defined benefit schemes was 4.9% for workers, and 15.2% for employers in 2012. The average contribution for defined contribution schemes in the private sector was 3.1% and 6.6% respectively.

These figures represent the picture for 2012, when automatic enrolment was in its earliest stages. The government´s initiative to increase retirement savings among UK employees was launched in October last year for the country´s largest employers.

Over the next few years, through to 2018, smaller enterprises will also have to enrol their employees into workplace pension schemes, to ensure that workers take care of their own retirement income.

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