Posted on by Nigel Ross-Scott

Press Release

PIMFA responds to new ONS data on automatic enrolment

8th May 2018

The ONS released new data today (Tuesday) outlining that the proportion of employees contributing to a workplace pension schemes has increased to cover 73% of UK employees in 2017. This is an increase from 47% in 2012. PIMFA – the UK’s leading trade association for the personal investment management and financial advice sector – welcomed the findings.

PIMFA Senior Policy Adviser, Simon Harrington, said:

‘As a long-time advocate for building a culture of savings and investment in the UK, we are delighted that today’s ONS data show the continuing positive effect of automatic enrolment on pension participation rates in the UK. These numbers demonstrate the powerful impact of automatic enrolment in helping millions save for their long-term future and retirement.

‘Whilst these numbers are extremely encouraging, the data nevertheless show that the majority of people continue to save at minimum, default levels. PIMFA regards it as important that large numbers of people are now investing for their own long-term benefit, but we view the success so far of automatic enrolment policy to be in generating participation rather than creating adequacy of pension saving. We recommend to Government to build on developments so far by designating future minimum contribution levels higher than 8%, and setting out the timescale and method for getting there.’

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Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the UK’s leading trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • PIMFA represents both full and associate member firms.
    Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.
    Associate members provide professional services to the PIMFA community.
  • PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA was created in June 2017 as the outcome of the merger between the Association of Professional Financial Advisers (APFA) and Wealth Management Association (WMA) – read more.
  • To read any or all of PIMFA’s Consultation Responses, please click here

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