Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
£24.3bn: Personal pension contributions break new record
The total amount of money invested in personal pensions by employees and employers reached £24.3bn in the fiscal year ending 5 April 2016, a new record and up from £20.3bn a year earlier.
Automatic enrolment into pension schemes is certainly a major reason behind the all-time high figure.
This trend is likely to continue as regulations require a minimum 8% contribution (including 5% from employees) from April 2019 onwards.
At the moment employers and staff only have to contribute 1% each – all figures are based on the employee’s salary level.