Challenger bank Aldermore has praised auto-enrolment and the overall support system for pension savings in the UK.
A blog post on the bank’s website said: “Although the UK state pension provision may not be as high as its European counterparts, the good news is that overall support for pensions savings for many in the UK is quite robust.
“The establishment of AE provides a solid basis for workers to start building up a nest egg, while for keen savers, options such as private pensions, Sipps and personal savings accounts offer further scope to boost funds.”
The blog post noted that in the 2014 Melbourne Mercer Global Pension Index, the UK came in ninth place for the overall adequacy, sustainability and integrity of its pension system out of 25 countries, covering 58 per cent of the world’s population.
In a five-page Declaration of Compliance Report covering the period from July 2012 to the end of April 2015, The Pensions Regulator revealed that in this period about 46,578 employers had confirmed they had met their AE duties.
A total of 20m workers were employed by these organisations.
Colin Sutton, wealth planner at Sanlam, said: “Britons need to think about their long-term spending and saving habits and seek professional financial advice to ensure they don’t fall short when it comes to planning for later life.”