Workplace pension milestone thisyear

The 10th anniversary of the workplace pension savings revolution will be celebrated this year.

The rollout of automatic enrolment started in October 2012, with the biggest employers coming on board first, and in the last decade the scheme has seen millions of people brought into pension saving for the first time.

The minimum that can be paid into Monklands workplace pensions has also edged up over the years – although some experts have said it should be raised further to help savers build a decent minimum retirement income.

The minimum contribution is eight per cent of qualifying earnings, with employers paying at least three per cent and employees, who benefit from tax relief on payments, making up the remaining five per cent.

Some 10,602,000 people were placed into schemes under automatic enrolment by November 2021, according to The Pensions Regulator.