Interest in Britain's work-related pension schemes reaches new record: report

Source: Xinhua| 2019-06-21 00:21:31|Editor: yan
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LONDON, June 20 (Xinhua) -- The total membership of occupational pension schemes in Britain reached a record 45.6 million in 2018, the Office for National Statistics (ONS) said in a report Thursday.

Active membership of occupational pension schemes, which refers to people still working, was 17.3 million in 2018, split between 11 million in private or company pension schemes and 6.3 million in public sector schemes.

ONS said: "Active membership has increased in six consecutive years and grew from 7.8 million in 2012, when workplace pension reforms began, to 17.3 million in 2018. This increase, most evident in the private sector, is likely to be due to the impact of automatic enrollment."

The study also showed how the number of retired staff receiving occupational pensions has dramatically increased over the years.

In 1953, less than a million people in Britain were paid occupational pensions, with most retired people relying on state pensions. The number of retired workers being paid work-related pensions from both the public and private sectors in 2018 rose to an estimated 10.2 million.

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