Data recently published has suggested that the rollout of auto-enrolment throughout the UK is proving to be beneficial for those sectors which traditionally have a history of not providing a pension.
According to the latest figures published by the Office for National Statistics, roughly one million new savers have joined a defined contribution scheme since the rollout of auto-enrolment began three years ago – with the figures revealing that those sectors who traditionally do not offer a pension, seeing an increase in the number of employees now saving for retirement.
A breakdown of the figures have revealed that there has been an five percent increase in the number of those working as security guards, cleaners and dinner ladies saving for retirement; whilst those working in sales and customer services have recorded an eight percent pension savings.
In addition, the figures have revealed that employees working within the caring, leisure and childcare sectors have recorded a one percent increase in pension saving, as a result of auto-enrolment.
Based on the latest figures, the Office for National Statistics have estimated that nine million more people will be saving for retirement once the rollout of auto-enrolment has finished in 2018; whilst the Pension’s Minister has welcomed the latest figures, suggesting that auto-enrolment is helping people save for a “more prosperous future”.
Whilst the latest figures have suggested that some sectors are seeing an increase in the number of employees now saving for retirement; for those businesses who are concerned about auto-enrolment, the independent financial advisors at Birchwood Finance Management can assist.
Our financial advisors understand and appreciate the importance of planning in enough time for auto-enrolment, to ensure that the right workplace pension scheme is in place for both the business’ needs and the needs of the employees.
This is why, we provide a range of services designed to help businesses of any size carefully plan their finances, staff benefits and budgets; ensuring to help businesses achieve growth and financial stability – whilst also meeting regulation requirements.