UK Workplace Pension Members Saved £90.4 Billion in 2018
Eligible UK employees contributing to workplace pensions saved a total of £90.4 billion ($114.6 billion) in 2018, a £7 billion increase over the amount saved the previous year, according to the UK’s Department for Work and Pensions (DWP).
DWP data shows that annual total amounts saved increased for both public and private sector pensions compared with 2017, although this was far more pronounced among private sector employers whose savings rose £4.5 billion, while the amounts saved in public sector pensions increased £2.5 billion.
Contributions by employers during the year accounted for 64% of the savings, with employee contributions accounting for 26%, and income tax relief on the employee contributions accounting for the remaining 10%.
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