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Public sector pension pots almost double that of other workers

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15/05/2014
A third of adults aged 16 and over saved into a private pension between 2010 and 2012, official figures have shown.

Men were more prominent savers, with 37 per cent setting aside money for their retirement, compared to just 31 per of women, the Office for National Statistics (ONS) said.

A much higher proportion of employees in the public sector – 85 per cent – belonged to a current occupational pension scheme than their counterparts in the private sector (40 per cent).

The average pension wealth of public sector workers was £42,600, nearly double the £24,000 accumulated by private sector employees.

Around a quarter of all British households had no private pension during the period.

Commenting on the ONS data, Craig Palfrey founder of IncreaseYourPension.co.uk, said: “The sad fact remains that nowhere near enough people are investing into a pension in the UK. The present Government has made some steps to address this problem by introducing workplace pensions and employer contributions, but the stark contrast between private and public sector take up of pension schemes is a legacy that won’t go away.”

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