Auto-enrolment progress could hit obstacle with coronavirus – but only for the short term

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Helen Morrissey, Personal Finance Specialist
Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Helen Morrissey, pension specialist at Royal London comments on today’s (18 June) data on workplace pension participation.

“Today’s figures show the enormous impact auto-enrolment has had on pension saving with a massive £98.4bn saved in 2019. However, this progress will meet a significant obstacle as the true impact of coronavirus becomes apparent. In the coming months we are likely to see huge job losses and those who remain in work may feel the need to reduce or even stop contributing to a pension.

"While this is understandable during such uncertain times we hope it will be relatively short term and people must ensure they resume their pension saving so they don’t risk long term damage to their financial security in retirement.”

Notes to editors

  1. Workplace Pension Participation and Savings Trends of Eligible Employees Official Statistics: 2009-2019 can be found here.

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings

About Royal London:

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.