Record numbers of British fishermen are looking forward to a more secure retirement

More British fishermen than ever before are putting aside a share of their catch for later life while a record number of farm workers can look forward to a bumper crop for retirement, latest government figures reveal.

But it’s not just fishermen and farm-hands that are netting themselves a brighter retirement. Workplace pension participation in the private sector has doubled since the introduction of automatic enrolment, with 85% of eligible workers in the private sector now saving into a pension in 2018.

Minister for Pensions, Guy Opperman said:

“One of the great things about automatic enrolment is the way it’s reeling in workers across all sectors of our economy, in all corners of the country, helping them net a more secure retirement.

“This revolutionary reform has transformed saving for later life all over Britain.”

The figures, from the Workplace Pension Participation and Saving Trends report 2008-2018, also confirm that the amount of money people are putting aside is rising, since the increase in automatic enrolment minimum contributions. The rate rose from five to eight per cent in April.

The government is planning further pension reform. The introduction of pension dashboards will help savers see all their pensions in a single place online while new Collective Defined Contribution pension schemes are set to offer potentially millions of workers better returns and healthier pension pots.