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Private pension statistics and workplace pension participation trends

ended 31. July 2024

The ONS has this morning published a report on private pensions, showing £12.8 billion of individual contributions were made to personal pensions in 2022 to 2023, up from £12.7 billion in 2021 to 2022 — and that £2.3 billion of individual contributions were made by self-employed members in 2022 to 2023, remaining stable from £2.3 billion reported in 2021 to 2022. It also published a report on workplace pension contributions. Any thoughts, send them across - deadline is fairly tight.

2 responses from the Newspage community

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Ross LaceyVerified
Director & Independent Financial Adviser at Fairview Financial Management
For those who are employed, there's a great opportunity to benefit from pension contributions made by their employer if they participate in the scheme. Some will even match increased contributions that are made personally. This can really boost pension pots in return for a modest amount of cash in the pocket being given-up today.

For the self-employed, it can often be hard to commit money to pensions when there's the inevitable uncertainty over cashflow compared to someone who's employed. However, this is where a financial planner can really help; ensuring opportunities are not missed, whilst still leaving sole traders and business owners in a position to re-invest in their business and cover their own personal cash flow needs.
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Riz MalikVerified
Independent Financial Adviser at R3 Wealth
It's a shame to see low participation rates among some demographics considering the tax efficiency of pension contributions and the contributions from the employer. More work needs to be done to improve financial literacy at both the company and government levels.