Only 38% of working-age people - 11.6 million out of 30.4 million people - are saving into a private pension, the lowest level in the past ten years, new analysis by the Department for Work and Pensions showed today.
This highlights exactly why automatic enrolment – introduced from October 2012 – is so critical.
The figures show a steady decline in pension saving between 1999/2000 and 2009/10, with the decrease being most dramatic among men and the under 40s.
While the overall number of people saving into a private pension fell from 46% in 1999/00 to 38% in 2009/10, pension saving among men fell from 52% to 39%. And among people aged between 20 and 39 years old pension provision fell from 43% to 31%.
Minister for Pensions Steve Webb said:
“These are alarming figures and they underscore exactly why our pension reforms will be so vital. With fewer people saving into a pension, lower annuity rates and an average of 23 years in retirement, many people could face a poorer future in their later lives.
“We simply must put a stop to this trend and get people saving. Automatic enrolment, beginning for the largest employers later this year, will get millions of people saving, many for the first time.”
The analysis also reveals a map of pension provision across the UK in 2009/10, with higher pension provision in the South East (43%), Scotland (42%), the South West (41%) and the East (41%), and lowest pension participation in Northern Ireland (33%), London (34%) and West Midlands (34%).
The Family Resources Survey (FRS) is a key source for pension information and between April 2009 and March 2010, interviewed around 25,000 private households across the UK.
Campaigns & Issues
Lobby for libraries
The NPC officers have given their backing to a lobby being organised by UNISON, the National Federation of Women’s Institutes (NFWI), Voices for the Library, The Library Campaign, Campaign for the Book and the Chartered Institute of Library and Information Professionals (CILIP) which will call on politicians to protect vital library services.
News
WRVS response to Health Committee report on social care
WRVS calls for a decisive leap towards joining up health and social care responding to the Health Select Committee inquiry report.
David McCullough, Chief Executive of WRVS said: “Delivering 21st-century health services will hinge on us switching considerable resources into keeping older people in their own homes and breaking the cycle of isolation that faces many people from their seventies onwards.
Competitions & Fun
Win a signed copy of Citizen James on DVD
CARRY ON’S inimitable Sid James is Citizen James in the hilarious 1960s BBC comedy, which finally comes to DVD for the first time. This long-lost classic comedy series makes its DVD debut, featuring the only known surviving episodes, the complete series one, and two episodes each from series two and three. They will be released as a two-disc set on 6 February 2012 courtesy of Acorn Media.
In series one written by Alan Simpson and Ray Galton (Hancock, Steptoe & Son), Sid (Sid James) is a hard-working layabout, gambler and con-artist, hanging out on the streets of Soho with his sidekick Bill (Bill Kerr), in Charlie’s Nosh Bar and occasionally paying a visit to his long-suffering fiancée Liz (Liz Fraser), to borrow money to pay off his gambling debts and cons gone wrong.
Advertorial
February is travel love month with Silver Travel Advisor
WIN £1,000 CRUISE VOUCHERS WITH VIKING RIVER CRUISES AND MANY OTHER PRIZES
Silver Travel Advisor is a friendly website packed with advice, tips, information and honest reviews written by and for silver travellers (aged over 50). A team of advisors are on hand to answer queries (for free), and you can share your own experiences too.
February is Travel Love month at Silver Travel Advisor, and there is a whole range of prizes to be found including the star prize:
Viking River Cruises – win £1,000 cruise vouchers
Health & Wellbeing
Scrap the government's health bill, say BMJ readers
More than 90% of British Medical Journal readers responding to a poll published today think the government's health reforms should be scrapped.
The poll asked: "Should the Health and Social Care Bill for England now be withdrawn?"
Property & Finance
Did you miss the Self Assessment deadline?
If you have missed the deadline for submitting a Self Assessment (SA) tax return and you can show that you should not have been in the SA regime in the first place, then you may be able to avoid any penalties.
Lifestyle
Paula's Wines of the Week starting 6 February 2012
If you really like a certain wine, rather than buying it in single cork-stoppered bottles why not get larger four bottle-sized amounts available in boxes? But if stepping along to the supermarket seems like too much of a chilly effort then try the online winebox retailer InspiredWine.co.uk because they’re offering free delivery during February.
There are advantages to buying wine in a winebox. As the wine is dispensed through a plastic tap all the annoyance of the cork is removed: no more tainted 'corked' wine (this spoils at least one in ten traditionally bottled wines due to improperly sterilised corks) and no more chasing around bits of broken cork that always sink when the index finger sent in to oik them out gets anywhere near them.
Travel & Leisure
£15m boost for sustainable travel
Transport Minister Norman Baker today announced £15m of new funding for sustainable travel projects across the country that will promote economic growth and cut carbon.
The investment is in addition to the £560m Local Sustainable Transport Fund announced in January 2011. This additional funding, heavily geared towards cycling, will support jobs, enhance access to employment and encourage greater use of more environmentally friendly transport.
What a brilliant paper! Well worth the money for the subscription or the bus to the local library!