A recently published report has suggested that pension saving levels are at their highest point since 2009, with auto-enrolment being cited as one reason behind the increase in pension savings.
The latest data published within the report has revealed that 53 percent of savers currently have what is considered to be an adequate pension provision, compared to 45 percent last year.
The percentage is the highest it has been since 2009, when 54 percent of savers were considered to have adequate pension savings; with the previous high before that being 55 percent in 2005.
In addition to revealing that the percentage of savers building up adequate savings for retirement; the data – which is based on survey results of 5,000 individuals, has also highlighted that the average monthly savings is £130 – an increase on figures from 2006, when the average amount being saved was £70.
However, whilst the data has revealed that more people are saving for retirement; the data within the report has also revealed that one in three savers are unsure of the extent to which their pension savings and investment will work in meeting their retirement income needs.
Whilst the latest figures have revealed that more people are saving for retirement, for those individuals who are concerned about their retirement savings, or wish to discuss their pension planning, our team at Birchwood can assist.
In addition, our advisers can help businesses with their auto-enrolment, as we understand and appreciate the importance of having the right workplace pension scheme in place for both the business’ needs and the needs of the employees.
To find out how we can help you with your pension planning, contact us today.