A median of £0? Well, that’s what the ONS says one sector’s workers are putting into their pension pots
Work in the tourism sector? Are you putting money away for retirement? If the answer is no, then you aren't alone.
The latest numbers from those clever boffins over at the Office for National Statistics (ONS) suggest the median pension savings reported in the tourism sector is a mighty… well, diddly-squat.
That's right, the ONS said the median reported – that's the middle point of a number set – was "£0".
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“Pensions in the tourism industry have gone on holiday," said Alistair McQueen, Aviva's savings and retirement manager. He added: “New pension figures from the Office for National Statistics show a pensions crisis in the UK’s tourism industry."
The ONS stats say 2.3m people work in the tourism sector and with 31 per cent of workers putting money into a pension pot, the sector is the lowest of the 11 analysed.
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Auto-enrolment, having been implemented across the low-hanging fruit of large corporations, now is being phased into smaller and micro-businesses.
While the latest annual auto-enrolment report by The Pensions Regulator revealed workplace pension participation is still on an upward trajectory, self-employed participation is on the way down.
McQueen added:
Automatic enrolment is the vehicle for encouraging pension participation amongst workers in the UK.
It has been a huge success, bringing near 7m people into pensions, but lower incomes and part-time working may be leaving the tourism industry behind.
“The government will review automatic enrolment in 2017. It has been a revolutionary success since its introduction in 2012, but Aviva wants to ensure it continues to be a system that works for everyone, including those in tourism.”