Industry reaction to DWP workplace pension statistics
Trustees Agenda posted on 6 June, 2018
Following their publication on 5 June, the Pensions Industry has responded to the DWP's latest analysis of workplace pension participation and saving trends. A representative from AJ Bell, Tom Selby, commented that the overall figures "show encouraging progress as automatic enrolment looks to turn the UK into a nation of savers."
However, Mr Selby also cautioned against complacency, expressing concern in the fall in the proportion of workers who have saved into a workplace pension in at least three of the last four years.
His concern is shared by other commentators. Nathan Long, a Senior Pension Analyst at Hargreaves Lansdown noted that the amount being saved has dropped significantly, with the average amount of savings per person dipping from £6,645 in 2007 to £5,110 in 2017. Chris Connelly, from Equiniti Pensions, also voiced his concern over the level of savings being made by people early in their careers. Alistair McQueen, head of savings and retirement at Aviva, feels that the focus should now shift from increasing the number of people saving and focus instead on increasing the minimum level of savings.