Almost 9 in 10 of eligible employees (88%, 19.2m people) have saved for retirement through their workplace pension: an increase from 55% in 2012 when automatic-enrolment began, DWP figures have said.
However, pension participation among self-employed people continued to fall from 21% in 2009/10 to 14% in 2018/19.
The annual total amount saved for eligible employees was £98.4bn in 2019, an increase of £5.3bn from 2018.
£40.5bn was saved into public sector schemes (41%), with £57.9bn (59%) saved into private sector schemes.DWP data from December 2019 showed 5.44m people were employed in the public sector (16%) compared to 27.55m (84%) people in the private sector.
Following the release of the data, Hargreaves Lansdown shared concerns about the pension savings figures for the self-employed.
Nathan Long, interim head of policy at Hargreaves Lansdown said: “The self-employed continue to be precariously placed with just a handful choosing to save into a pension, showing the existing incentives just don’t resonate. The Government will also be acutely aware that 41% of all pension contributions go to public sector employees that represent less than a fifth of all workers.”
Almost two thirds of Britons surveyed (62%) that had received recent financial advice said they had detailed knowledge of Pension Freedoms, compared to a third (33%) of over-55s that had never received financial advice.
Adviser tech firm O&M, part of fintech Iress, is to provide free CPD-qualifying webinars on drawdown for advisers.
The Coronavirus pandemic has forced a widespread rethink of retirement plans as 18% change their retirement age and 20% of over-55s have considered raiding their pension savings, according to a new report.
The Pensions Regulator has so far issued 115,459 auto-enrolment fixed penalty notices since the start of the workplace pension scheme in 2012.
When SIPPs were in their infancy they were largely a niche product reserved for the most affluent, small business owners and entrepreneurs.