Total contributions to private pensions were £33.4 billion (4.6 per cent of GDP) in 1995. They rose between 1995 and 2007, growing particularly strongly between 2001 (£49 billion) and 2006 (£83.8 billion). They fell from £85.8 billion in 2007 to £82.1 billion in 2008, at the start of the recession, but recovered by 2010 to reach a new high of £94.6 billion (6.5 per cent of GDP) using the old basis, or £99.7 billion (6.8 per cent of GDP) using the new basis.
All estimates of contributions are in nominal terms (values are not adjusted for inflation). The methodology for estimating these figures has recently been revised. The changes are explained in a methodology article published in May 2012. Information on the new basis is currently available only for 2010. For comparison purposes, the figure presents estimates on the basis of the old and new methodologies. These estimates are not National Statistics.
Source: Office for National Statistics
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