INTRODUCTION

AUTO-ENROLMENT: CELEBRATING A DECADE THAT ENCOURAGED A SAVINGS CULTURE

Auto-enrolment has revolutionised pension saving for millions of people in the UK since its implementation ten years ago, encouraging a culture of long-term savings. It’s been a positive initiative, and most importantly, individuals must now take greater responsibility for their retirement savings.

As a result, many people are now putting money aside each month for retirement. According to new research[1,] the UK workplace pension participation rate in April 2021 will be 79%, up from 47% in 2012 when auto-enrolment was implemented.

Come back tomorrow when we look at how significant gaps remain in pension awareness and engagement. Please contact us for more information on how we can help protect your future financial well-being and the options available to you.

Source data: [1] Research conducted for Standard Life by Opinium, among 2,000 UK adults between
2–6 September 2022. All results are weighted to nationally representative criteria.

A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP WHICH WOULD HAVE AN IMPACT ON THE
LEVEL OF PENSION BENEFITS AVAILABLE. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.