Pension contribution rates up 17% in five years, Prudential finds

Prudential said the analysis of HMRC personal pension statistics shows the increases in contributions can be partially attributed to the initial success of auto-enrolment. Auto-enrolment, which sees all qualifying employees enrolled into a workplace pension scheme started in 2012 with the UK's largest employers. The number of pension savers has increased to 6.4 million because of the policy, however, Prudential said it has still not reached the heights of 2001/02 when 7.8 million people were contributing to a pension plan. Despite its success, the £9.03bn contributed last year is shor...