Pensions Disappear

The Office for National Statistics has produced a stark picture of the pension landscape.

The Office for National Statistics (ONS) regularly examines pension provision in the UK and its data clearly influences government pension policy. Last month the ONS published three revised chapters of its Pension Trends analysis. The underlying research pre-dates the start of auto-enrolment last October and, to some degree, underlines why the government introduced this form of quasi-compulsion to pension provision:

The decline in private pension provision is hardly news, but the extent of it is a concern. The government’s pension initiatives – auto-enrolment and the new single-tier state pension – are a start, but they are unlikely to be sufficient. The provision you make yourself, whether through additional pension contributions or other retirement savings, will remain an important factor in determining how comfortable your retirement will be.