Automatic enrolment in pensions - a successful behavioural nudge?
The ONS has published a series of data tweets supporting the view that the introduction of auto-enrolment into workplace pension schemes has been a success in increasing the number of people with an occupational pension. I've added them to this blog in part because there is a clear step change in pension participation, the longer term effects remain to be seen. Many people contribute at low levels so for them, it is unlikely to be a game changer in terms of their real living standards once retired. But as a famous advertising slogan once said, "every little helps"!
Since the introduction of automatic enrolment in 2012, the proportion of workers who contribute to a workplace pension has increased by almost a quarter https://t.co/hhkJDSNzku pic.twitter.com/mciswKvuN0
— ONS (@ONS) May 8, 2018
Automatic enrolment has increased pension participation among the younger generation – 63% of private sector workers aged 22 to 29 paid into a defined contribution pension in 2017, up from just 16% in 2012 https://t.co/JwBPtlgVg4 pic.twitter.com/axQipl3MGm
— ONS (@ONS) May 8, 2018
Far more people in low paid jobs – including caring and leisure, sales and customer service, and elementary occupations – pay into a workplace pension than before automatic enrolment in 2012 https://t.co/0gifBdj1QQ pic.twitter.com/fbCanQxtwN
— ONS (@ONS) May 8, 2018
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Geoff Riley
Geoff Riley FRSA has been teaching Economics for thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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