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Release: Pension Trends, Chapter 10: Saving for retirement, 2013 edition

Released: 23 April 2013

Contact

David Knight

Pensions Analysis Unit

pensionsanalysis@ons.gov.uk

Telephone: +44 (0)1633 455633

Categories: Economy, Personal Finances, Pensions

Frequency of release: Ad-hoc

Language: English

Geographical coverage: UK

Geographical breakdown: UK

  • In 2008/10, pension saving contributed 79% towards the total aggregate saving of households that were headed by someone who was aged between 50 and 64 (Figure 10.4).
  • When looking at the 50 to 64 age group by saving deciles, it can be seen that those in the top decile (who have the most saving) have around eight times as much as the bottom five deciles combined (who have the least saving) – Figure 10.5.
  • In 2008/10, median Defined Benefit pension saving, for those households with such saving, was £177,900. In contrast, those within Defined Contribution schemes had median pension saving of £29,000 (Figure 10.6).
  • For both men and women aged between 16 and 64, and who were defined as having a saving orientation, the safest perceived way to save for retirement was through an employer’s pension scheme (Figure 10.12).
Pension Trends provides a statistical backdrop for the debate on pensions. It looks at changes in pension provision over time in the context of social and economic developments and changes in the policy environment.

These National Statistics are produced to high professional standards and released according to the arrangements approved by the UK Statistics Authority.

Content from the Office for National Statistics.
© Crown Copyright applies unless otherwise stated.