Confused about pensions? What you need to know

More than three-quarters of employees across the UK were members of a workplace pension scheme last year – a new record high, official figures reveal.

According to the Office for National Statistics (ONS), 77% of employees were in a workplace pension scheme in 2019, marking the highest membership rate since comparable records started in 1997.

Automatic enrolment into workplace pensions, which started in 2012, has had a huge impact in getting people into the habit of saving for later life. And younger generations appear to have caught the savings bug, with 2019 seeing 80% of 22-29-year-old employees saving into a scheme – a massive leap from 31% when auto-enrolment started.

But while many are now saving for their long-term future, pensions can still be tricky to understand.

Here’s some tips from Jamie Jenkins, head of global savings policy at Standard Life, for getting to know your pension better…

Confused about pensions? What you need to know Confused about pensions? What you need to know