The average employer contribution in the UK is 4.5%. This part of the survey provides data on employers' pensions offerings, including: workplace pension scheme offerings and coverage; whether pension schemes are open to new members; pensions auto-enrolment; and details of employee, employer and matched pension contribution rates. The 2005 survey did not cover the public sector and is therefore not included. Willis Towers Watson senior director Richard Sweetman said: “It’s encouraging that these employers have sought to reassess and take action on their contribution levels and the scheme’s offering as a whole, likely given impetus by the final step-up of minimum auto-enrolment (AE) contribution rates in April 2019.”. Minimum contribution levels have also been introduced. The trend in the number of private sector pensions in payment, while generally linked to the number of active and deferred members reaching retirement age and the numbers of pensioner members passing away, may also have been influenced in recent years by the pension flexibilities introduced in 2015. Most member (employee) and employer contributions are made as a percentage of salary, excluding bonuses. This circular provides clarification of the employee and employer contribution rates for the police pension schemes. Active membership in the public sector increased from 5.1 million to 6.3 million over the same period. The average UK pension pot after a lifetime of saving stands at £61,897. The employer contribution rate from 1 April 2019 is 20.9 per cent of pensionable pay for both the 1995-2008 Scheme and the 2015 Scheme. FTSE 100 employer contributions to defined contribution (DC) schemes have increased from an average of 6.4% in 2018 to 7.1% this year, according to Willis Towers Watson. Workplace pension contributions will be increasing in April 2018 An increase in workplace pension contributions has been scheduled for 6th April this year. The average profit sharing contribution was around five percent as recorded in the November 2002 CNN survey of over 100 companies. However, in many other areas men received more: 5.3% compared with 4.4% in manufacturing, and 2.9% versus 2% in water supply. Minimum contributions are being introduced gradually over time. The pension rates have changed on the 1st of October, 2020. It includes pensions in payment to dependants, pension credit members and those who are still working for the same employer (for example, where they are partially retired). Employer PRSA contributions are: deemed for tax relief purposes to be made by the employee This is to maintain the average contribution from employees at 6.5% and to ensure the long term costs of the scheme are managed. To ensure these statistics remain fit for purpose, we would like to hear from you about how you use Occupational Pension Schemes Survey data. If the employee's total contributions exceed the deferral limit, the difference is included in the employee's gross income. Italy. Contributions are currently 1% of pensionable earnings from both employer and employee. Similarly, an individual might be working and contributing to a scheme while being entitled to a preserved pension from a previous employer’s scheme. Retirees in 2018 to enjoy average annual income of £19,900. The increases are compulsory and it is the responsibility of the employer to ensure they are implemented correctly. Active membership of private sector defined contribution occupational schemes was 9.9 million in 2018, representing an increase of 28.6% on 2017 levels (7.7 million). Industry Affects Contributions According to Compdata's Benefits USA 2010/2011 survey, an employee's industry affects the level of employer contributions. This was the first time since the start of this time series in 2010 that the average contribution of members exceeded that of employers and this is likely to be due to the impact of the pension reforms. Information on rates in the public sector is not collected as it is already publicly accessible, for example, from individual scheme resource accounts. Example: Winnie and Winston both worked for private companies for 40 years, and both earned $70,000 in their final year.Both of their companies calculated the defined benefit based on 1.2 percent of the average salary per year of service. The increase occurred mainly in the private sector (from 11.6 million to 13.6 million) with a smaller increase in the public sector (from 4.3 million to 4.4 million). The fall in active membership of DB schemes in recent years is linked to the rising costs of providing these pensions. For private DC schemes, the average total contribution rate was 5.0% of pensionable earnings, split between members (2.7%) and employers (2.4%). For private DC schemes, the average total contribution rate was 3.4% of pensionable earnings, split between members (1.2%) and employers (2.1%). Includes rates for open, closed and frozen schemes. The nature of occupational pension provision in the UK providing summary data from the Occupational Pension Schemes Survey on membership of schemes and contributions paid. The average FTSE 250 employer contribution rate into defined contribution pension schemes has risen by 40 per cent year-on-year, from 4.3 per cent to 6.1 per cent. Includes schemes where standard contributions were zero. This equates to around two thirds of the cost of an individual's pension. We would like to use cookies to collect information about how you use ons.gov.uk. [3] With current annuity rates, this would buy you an income of only around £3,000 extra … AE contributions increased in April to a total minimum of 8% with 3% minimum employer contributions, from a total of 5% in 2018 with 2% minimum employer contributions. In its fourth annual FTSE 350 DC Pension Scheme Survey, the consultancy found this was the highest rate recorded so far. The estimates do not include annuities (or other retirement products), purchased by members of defined contribution (DC) occupational pension schemes upon retirement. Active membership of private sector defined contribution (DC) schemes, which has remained around 1.0 million since 2008 (Figure 3), rose to 3.2 million in 2014 and had subsequently increased to 9.9 million in 2018. For example, an employee who is aged 42 and earns €40,000 can get tax relief on annual pension contributions up to €10,000. A major survey of 6,430 Defined Contribution pension schemes throughout Ireland, undertaken by the IAPF in advance of their annual Defined Contribution Pension Conference on Tuesday, has found that the average total contribution being paid in amounts to just 11.1% of salary – with an average of 5.7% coming from the employer and 5.4% from employees. For example, if a scheme had a group of 50 active members contributing at 4% and another group of 100 active members contributing at 6 %t, then the scheme’s weighted-average contribution rate would be 5.3%. To assist your understanding of these data, pension definitions are published in a supporting information article with further detail in this Pension trends glossary (PDF, 198KB). Pension contribution rates effective January 1, 2018 for the three major public sector pension plans Since 2013, public sector pension plan contribution rates have gradually increased to reach the 50:50 employer-employee cost-sharing ratio for the public service pension plan. In contrast, in defined benefit (DB) schemes, the employer bears the investment risk and must pay out pensions at an agreed rate, regardless of the returns made on the invested contributions. (gross income including pre-pension contribution earnings, including savings and pension income as well as the value of your employer’s pension contributions), £1 of annual allowance will be lost. PRSAs. Between 1991 and 2012, there was a slow but generally steady decrease in active membership. As the annual rate of the Consumer Price Index (CPI) rose to 3% in the year to September 2017, the salary bands for contribution rates for members increased by 3%. For all companies analysed, those with master trusts were most likely to take action on increasing contribution rates, with 67% updating their scheme in the past two years. Of all FTSE 350 schemes analysed, over a third (35%) said they plan to review contribution rates. Your annual salary determines the amount you contribute towards your state German pension (via social security contributions). If you decide to join the scheme you should check your payslip to make sure that pension contributions are being deducted. This superannuation administration manual special bulletin supersedes all other communications received in … For every £2 of ‘adjusted income’ above £150,000 p.a. Employer Resources. Active membership in the private sector increased from 2.7 million to 11.0 million between 2012 and 2018. Below are the weekly rates for Pension, Death in Service and Sick Pay contributions. We use this information to make the website work as well as possible and improve our services. In its fourth annual FTSE 350 DC Pension Scheme Survey, the consultancy found this was the highest rate recorded so far. Annual contributions by both employer and employee are tax-deductible up to a limit of €8,000. Changes to methodology for 2006 onwards mean that comparisons with earlier years should be treated with caution. The minimum contributions that you must pay into your staff’s pension scheme are shown in the table below – they’re currently a total contribution of 8% with at least 3% employer contribution. Annual Benefit Statements (ABS) 2020 Your employer pays: You pay: The Government adds tax relief of: Total contribution 4.0% from 6 April 2019 3.0% 6 April 2018 to 5 April 2019 2.0% up to 5 April 2018 4.0% of your basic pay from 6 April 2019 2.4% of your basic 0.8 In 2018, for private sector defined contribution schemes, the average total (member plus employer) contribution rate was 5.0%, rising from 3.4% in 2017. Excludes normal contributions paid as fixed amounts. However, this number was slightly lower for FTSE 100 schemes, with nearly half (48%) having reviewed their structure, and a third looking to review contributions in the next two years. Each payday: you put in £40 your employer puts in £30 you get £10 tax relief A total of £80 goes into your pension… Due to changes in the definition of the private and public sectors, estimates for 2000 and onwards differ from earlier years. Active membership has increased in six consecutive years and grew from 7.8 million in 2012 (when workplace pension reforms began) to 17.3 million in 2018 (Figure 2). These reforms primarily changed how DC members could access their pension, but also affected the number of DB members likely to transfer their entitlements to a DC arrangement in order to exploit the new flexibilities. The average FTSE 250 employer contribution rate into defined contribution pension schemes has risen by 40 per cent year-on-year, from 4.3 per cent to 6.1 per cent. In … This means that both employers and their staff will need to pay more into their automatic enrolment workplace pension schemes. This person would appear in both the pensioner and active member categories. active membership by sector (public or private), pensions in payment to dependants, pension credit members, Quality and Methodology Information report, Previous rates, from 6 April 2018 to 5 April 2019. Further information is available in the associated OPSS datasets or on request. In a typical match increase, the … Eight out of 10 of those workers with the highest employer pension contributions had listed salaries under £100,000. Minimum levels for contributions were initially set in October 2012 with subsequent contribution increases phased in with effect from 6 April 2018 and 6 April 2019. Currently this contribution is 7% of the average basic construction wage. NEST is a qualifying pension scheme, established under the Pensions Act 2008, to support the introduction of automatic enrolment. Overall estimated membership in 2018 was 45.6 million. As of April 6, 2019, minimum contributions to a UK workplace pension scheme have increased to 8%. The pension contributions paid by State employers and employees account for about 40 per cent of the annual pension expenses. Active membership of occupational pension schemes was 17.3 million in 2018, split between the private (11.0 million) and public sector (6.3 million). On the other hand, when schemes make “special” cash payments (for example, to address a deficit in a defined benefit (DB) scheme’s liabilities), these payments are not considered normal contributions and information on such payments is not collected by the survey. A reminder that the change to salary bands for contribution rates came into force on 1 April 2018. Hide. Your contributions are very secure. The reforms were introduced in stages between 2012 and 2018 based on the size of the employer’s Pay As You Earn (PAYE) scheme (as of 1 April 2012). Pension contribution rates effective January 1, 2018 for the three major public sector pension plans Since 2013, public sector pension plan contribution rates have gradually increased to reach the 50:50 employer-employee cost-sharing ratio for the public service pension plan. If this is the case, caveats are included in the footnotes associated with the relevant chart or table. Please note that the estimates of pension scheme membership are not counts of individuals as an individual may have more than one type of occupational pension scheme membership (see Section 4). From April 2018, the minimum pension contributions made into auto enrolment schemes from employers and employees are to increase in two stages. Results from the OPSS provide a detailed view of the nature of occupational pension provision in the UK. In previous years, total pension contributions were set at 5%, including 2% from employers and 3% from employees. The maximum amount of earnings taken into account for calculating tax relief is €115,000 per year. In contrast, average member contribution rates in career average schemes (7.9%) were higher than the average rate for all DB schemes (6.4%). Based on an average UK salary of £29,909, this means the average employer chips in £1,305 a year to each worker’s pension. Average member contribution rates in career average schemes were also higher than the average rate for all DB schemes (7.5% and 5.8% respectively). Act 120 (and future Act 5) members continue to reduce employer’s annual cost of benefits for current service. For example, if employers close existing schemes and move all their eligible employees to a new scheme based on the automatic enrolment qualifying criteria, these employees will appear in the estimates of both active and preserved members. February 05, 2018. Table 1 shows the minimum contributions that employers who set up a defined contribution (DC) scheme for automatic enrolment must pay, and the date when they must increase. Active membership of private sector DB schemes in 2018 was broadly comparable with 2017, at 1.1 million. Some of this can be accounted for by the growth in the number of employees contributing to group personal pensions. Weighted-average contribution rates across all schemes were calculated based on the estimates for numbers of active members contributing at each rate. If you work in the finance or insurance industry, however, the average employer … View previous releases, Next release: September 2020 (Provisional). 12/07/2018 100,000 150,000 200,000 250,000 300,000 Employer Payrolls Number of Active Members 1996‐97 215,000 Active Mbrs. 2009‐10 282,000 Active By 2018, this had risen to over 20%. In education, women on average received 9.3% of salary in employer pension contributions, compared with 7.9% for men. In private sector career average schemes (revalued in line with prices), the average employer contribution rate in 2018 was 17.7% compared with 19.2% for all DB schemes. DateEmployer Tax relief Total Employee minimum contribution on employee minimum contributioncontribution contribution Until 5 April 2018 1% 0.8% 0.2% 2% 6 April 2018 to 5 April 2019 2% 2.4% 0.6% 5% 6 April Average Employer Contributions: Dependents/Family. Workplace pensions consist of occupational and group personal pensions. This may have been a contributing factor to the recent fall in the estimate of DB pensions in payment – from a peak of 5.8 million in 2015 to 5.1 million in 2018. This circular provides clarification of the employee and employer contribution rates for the police pension schemes. All content is available under the Open Government Licence v3.0, except where otherwise stated, /peoplepopulationandcommunity/personalandhouseholdfinances/pensionssavingsandinvestments/bulletins/occupationalpensionschemessurvey/2018, Figure 1: Total membership of occupational pension schemes has increased since 2008, Figure 2: Active members in both private and public sector schemes have increased annually since 2012, Figure 3: Defined contribution schemes active membership has increased every year since 2011 while that for defined benefit schemes has decreased since 2008, Figure 4: Membership of open defined benefit schemes increased between 2017 and 2018 while that for open defined contribution schemes has increased each year since 2011, Figure 5: Overall increase in pensions in payment between 1953 and 2018, Figure 6: The total number of preserved pension entitlements increased between 2017 and 2018, Table 1: Automatic enrolment - phased minimum contribution rates, Figure 7: Member and employer average contribution rates in defined contribution schemes lower than those in defined benefit schemes, Things you need to know about this release. Industry Affects Contributions According to Compdata's Benefits USA 2010/2011 survey, an employee's industry affects the level of employer contributions. cost pension scheme, where a defined level of benefits would be guaranteed by your employer, if there is a deficit in the Fund employee benefits may be reduced in order to … Explaining your contribution to employees’ pension pots What you must pay and your options How much you need to pay depends on how much each employee earns. As part of the workplace pension reforms, minimum levels for employer and employee contributions are being phased in over the period to 2019. DiNapoli: Pension Contribution Rates for Employers Will Decrease for State Fiscal Year 2018-19 August 31, 2017 The estimated average contribution rate for the Employees’ Retirement System (ERS) will decrease from 15.3 percent of payroll to 14.9 percent of payroll. 93 per cent of hotel and food industry staff receive an employer contribution of 4 per cent or less, compared to just 22 per cent of electricity and gas workers Consultants and advisers’ recommend contributions of on average 7.3 per cent employer and 6.1 per cent employee. Update to HOC 17 of 2015 This circular is intended to clarify for police forces the employee and employer contribution rates for the police pension schemes.. 0.1 Employer contribution rate. The average employer contribution in the UK is 4.5%. Over 77% of Pension ECR is for Unfunded liability -25.87% of the 33.36% pension ECR will Average FTSE 100 employer DC contributions reach highest rate of 7.1%, Treasury confirms discriminatory rules to be fixed after Supreme Court ruling, Charlene Young: We’re on a pathway to hell…, Stephen McPhillips: Why communication is a two-way street, Chris Read: Points mean prizes when it comes to health IDs, Claire Trott: Decisions to make on annual allowance charge. The amount you contribute to your pension is based on the ‘pay band’ your earnings fall into each pay period. Pension contributions will increase from April 5, 2018, both for employers and employees. The same research showed that master trust adoption has increased among FTSE 100 companies compared to last year, from 15% to 21%. Download the CWPS calendar for 2020 / 2021 here. Between 2017 and 2018, active (employee) members increased from 15.1 million to 17.3 million, members with preserved pension entitlements increased from 15.8 million to 18.0 million and the estimate of pensioner members is unchanged at 10.2 million (Figure 1). Subject: 2018 pension contribution rates, thresholds, indexation and calculations. Please note that individuals may have more than one of these types of membership. Total membership of occupational pension schemes in the UK was an estimated 45.6 million in 2018, compared with 41.1 million in 2017 and is the highest level recorded by the Occupational Pension Schemes Survey. The remaining 60 per cent comes directly from the State Budget for each year. In 2018, in the private sector, 0.7 million or 63.6% of DB (active) members were in sections of schemes that remained open to new members, compared with 9.8 million or 99% of DC (active) members (Figure 4). The rise in DC membership over recent years is due primarily to the workplace pension reforms. contributions at a glance Date Employer Employee Tax relief Total minimum contribution on employee minimum contributioncontribution contribution Until 5 April 2018 1% 0.8% 0.2% 2% 6 April 2018 to 5 April 2019 2% 2.4% 0.6% 5% 6 April 2019 onwards 3% 4% 1% 8% Why do you need to know about the increase to minimum contributions? 2005‐06 263,000 Active Mbrs. The average profit sharing contribution was around five percent as recorded in the November 2002 CNN survey of over 100 companies. Appendix A—Pension adjustment calculation examples for 2017 taxation year. Other options are private pensions in Spain via a pension fund or direct insurance, which enable participants to make individual contributions at an agreed rate. The only exception to this being employer contribution rates in DB schemes, where the average contribution rate was unchanged in 2018, remaining at 19.2%. The move to master trusts comes amid the rollout of an authorisation regime, with all master trusts seeking to remain in the market required to meet standards set by The Pensions Regulator. UK employers bearing just 37.5% of the burden. Catch-up contributions may also be allowed if the employee is age 50 or older. Some schemes have more than one section, offering benefits on a different basis to different groups of members. Active membership of private sector DB schemes in 2018 was broadly comparable with 2017, at 1.1 million. National average: 38% toward dependent/family premiums. Total membership of occupational pension schemes consists of: active members (current employees who would normally contribute), pensioner members (those receiving pension payments), members with preserved pension entitlements (members who are no longer actively contributing into the scheme but have accrued rights that will come into payment at some point in the future). The Occupational Pension Schemes Survey (OPSS) covers both private and public sector occupational pension schemes registered in the UK. Automatic enrolment was introduced for new private sector employees in 2007. 83% on pensionable earnings up to the YMPE ($55,900.00) 12.13% on pensionable earnings in excess of the YMPE ($55,900.00). In its fourth annual FTSE 350 DC Pension Scheme Survey, the consultancy found this was the highest rate recorded so far. Information on rates in the public sector is already publicly accessible. The number of FTSE 250 companies using master trusts remained the same as 2018, at around a fifth. Total earnings limit. DB schemes are, therefore, potentially less attractive to employers than providing a DC occupational or group personal pension. The employer contributes 4.2% and the employee contributes 2.8%. Sweetman added: “Those companies who are making the move to master trusts are, perhaps unsurprisingly, the most engaged in making their pensions as efficient and effective as possible, and are taking the opportunity to review contribution design.”. As in previous years, private sector DB schemes had higher contribution rates than DC schemes in 2018 (Figure 7). You’ve accepted all cookies. Also among the FTSE 250, nearly two thirds (62%) had reviewed their DC contributions in the past two years, with a third considering a review in the next two years. What are the different categories of occupational pension scheme membership? These estimates do not represent the number of individuals with preserved pension entitlements but show the number of preserved pensions. This release includes breakdowns of active membership by sector (public or private), benefit structure (defined benefit or defined contribution) and status (for example, open or closed). The figures include rates for open, closed and frozen private sector pension schemes, excluding arrangements that have less than 12 members. However, in many other areas men received more: 5.3% compared with 4.4% in manufacturing, and 2.9% versus 2% in water supply. Meanwhile FTSE 250 companies increased their core pension contributions to 6% of annual salary, up from 4.1% in 2018. It also includes those that are winding up. However, in cases where the scheme has set out a “recovery plan” with the regulator, they may then consider these regular contributions as “normal”. These estimates do not represent the total number of pensioners in the UK receiving benefits from occupational pension schemes because an individual pensioner may be in receipt of more than one pension. The estimates also include dependants and pension credit members who have a preserved pension entitlement and those still working for the employer (this may occur when an employer stops provision or changes to a different type). DiNapoli: Pension Contribution Rates for Employers Will Decrease for State Fiscal Year 2018-19 August 31, 2017 The estimated average contribution rate for the Employees’ Retirement System (ERS) will decrease from 15.3 percent of payroll to 14.9 percent of payroll. This equates to around two thirds of the cost of an individual's pension. This was caused by the rise in membership of open schemes (those that admitted new members – see Figure 4). However, a short service refund may (depending on scheme rules) be offered for members with less than two years’ service in a defined benefit (DB) scheme and fewer than 30 days service in a defined contribution (DC) scheme. […] In contrast, average member contribution rates in career average schemes were higher than the average rate for all DB schemes (8.0% and 6.0% respectively). This person would appear in both the active and preserved member categories. It is, however, the employer’s responsibility to ensure that this is implemented. This would affect the level of DB employer contribution rates being reported. Employer Contributions. Active membership estimated at 17.3 million in 2018, Rise in active membership of private sector schemes in 2018, Pensioner members in receipt of occupational pensions estimated at 10.2 million in 2018, Increase in preserved pension entitlements (deferred members) in 2018, Average contribution rates in private sector occupational pension schemes. 350 DC pension scheme are managed occupational or group personal pension in 1997 a. Is 9.7 % 2010/2011 Survey, the consultancy found this was the seen! 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