Pension Coverage 2023

Pension Coverage 2023

68% of workers aged 20-69 have pension coverage of some form (outside of State pension) of which:

• 70% occupational pension only
• 10% personal pension only
• 20% both

Employees who are part of their employer's pension scheme

• 66% Defined contribution
• 30% Defined benefit
• 4% Hybrid

83% of professionals have pension cover compared to only 48% of skilled trade workers

Main reason why employees have no pension:

• 43% Can't afford it
• 43% Never got to organise it/will do at future date

Of workers who don't have a pension 59% expect to rely on the State Pension on retirement