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Pension reform to boost take-up

The largest shake-up of the pension system in more than a century will mean more than half a million people will be saving for one for the first time by Christmas, according to the Government. Employees are to be automatically enrolled into schemes.

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Less than a quarter of young people save for retirement

According to government figures, fewer people are saving for their retirement nowadays and the numbers are dropping. This trend is most pronounced among men and for people below the age of 30.

  • 24% of people aged 22-29 save compared with 43% in 1997
  • 44% of men save compared with 59% in 1997
  • 39% of women save compared with 49% in 1997

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