Savings in workplace pensions falls

The number of employees taking on new workplace pensions fell in the first quarter of this year.

Figures from the Association of British Insurers (ABI) show that while sales of individual pensions went up by 3.3%, sales of group occupational pensions fell by 3.5%.

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Chris Kenny, ABI’s director of life and pensions, said there needed to be improved incentives for employers and staff.

“The fall in collective workplace savings shows that the UK is missing a key opportunity to reinvigorate overall savings levels,” he said.