Pension membership increased in all age groups in 2014 compared with 2013, according to the Office of National Statistics.
The largest increase (17 percentage points, to 53%) was in the age group 22-29.
The 2014 Annual Survey of Hours and Earnings: Summary of Pensions Results also showed that workplace pension scheme membership has increased to 59% in 2014, from 50% in 2013, driven by increases in membership of occupational defined contribution and group personal and group stakeholder schemes.
The increase is likely to be driven by Automatic Enrolment – and is set to continue as more and more companies get set for their AE staging dates.
Other key points in the survey:
- Occupational defined benefit pensions schemes represented less than half (49%) of total workplace pension membership in 2014, for the first time since the series began in 1997.
- In the private sector, 33% of employees with workplace pensions made contributions of greater than zero but under 2% compared with 11% of employees in 2013. The increase is likely to be driven by Automatic Enrolment.
- The proportion of employees in the private sector receiving employer contributions of greater than zero and under 4% was 43% in 2014, compared with 22% in 2013. The increase may be explained by new members who have been automatically enrolled into a workplace pension with lower initial employer contributions until the phasing of contributions is completed in 2018.
To look at all the data and tables from the 2014 Annual Survey of Hours and Earnings: Summary of Pensions Results, go to: http://www.ons.gov.uk/ons/publications/re-reference-tables.html?edition=tcm%3A77-387081