The ONS this morning published a report on Employee workplace pensions. Two key findings were:
- The workplace pension participation rate in the UK was at 79% (22.6 million employees) in April 2021, up slightly from 78% in 2020; a growth partly explained by increased public sector employment driven by the government's response to the coronavirus (COVID-19) pandemic.
- In April 2021, the gap in employee workplace pension participation rates between the public (91%) and private sectors (75%) was among its lowest levels, mainly driven by increased participation in the private sector up from 32% in 2012.
If you can get some quick thoughts down ASAP, we will get your responses out to the media. No need for an essay, just a couple of quick pars will do. More people are saving, but is it enough to defuse the pensions time bomb?