Commenting on the publication of the Occupational Pension Schemes Survey: UK 2017 Royal London Head of Business Development Clare Moffat said:
“The good news from this survey is that total membership of occupational pension schemes has increased from 39.2 million in 2016 to 41.1 million in 2017. This continues to show the impact of the workplace pension reforms which means many more employees will now have a pension in retirement. The bad news is that the average contribution rate in private sector defined contribution schemes has reduced again from 4.2% to 3.4%. The increase in the minimum contribution for auto enrolment will help but as it currently stands these increases will still not be enough to deliver a decent retirement income for the majority of people. People need to start thinking about the type of retirement they want to have and how much they need to save to achieve it. Small regular increases can have a large impact on the quality of life in retirement.”
For further information please contact:
Helen Morrissey, Personal Finance Specialist
- Email: firstname.lastname@example.org
- Tel: 0203 725 725
- Mob: 07919 170 712
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June.
At Royal London, we’re proud to champion the value of impartial advice. We believe it plays a crucial role in connecting people with the products that are right for them – and is key to delivering better outcomes and experiences for our customers. At the same time, it helps to build trust in our products and services.
Royal London works alongside advisers not in competition with them. That’s why we’ve made some key commitments to the intermediary market. You’ll find more detail on our commitment to advisers at http://adviser.royallondon.com/campaigns/our-commitments/