More than three-quarters of employees across the UK were members of a workplace pension scheme last year - a new record high, official figures reveal.

According to the Office for National Statistics (ONS), 77% of employees were in a workplace pension scheme in 2019, marking the highest membership rate since comparable records started in 1997.

Automatic enrolment into workplace pensions, which started in 2012, has had a huge impact in getting people into the habit of saving for later life. And younger generations appear to have caught the savings bug, with 2019 seeing 80% of 22-29-year-old employees saving into a scheme - a massive leap from 31% when auto-enrolment started.

But while many are now saving for their long-term future, pensions can still be tricky to understand.

Here's some tips from Jamie Jenkins, head of global savings policy at Standard Life, for getting to know your pension better...

What's the difference between pensions and other savings?

A pension is designed specifically to provide an income in retirement. Money is paid into a pension plan and invested by your pension provider, using your investment instructions, or you can let them make that decision for you. Once you reach your chosen retirement age you can decide how your money is paid back to you.

A big difference between a pension and other savings products is that you receive some tax back on the money saved into your pension, that would have otherwise gone to the Government.

How much you get when you're ready to take your pension will depend on how much you save, how your pension investments perform and how long you're invested for.

What types of pensions are there?

Starting with your state pension, how much you receive depends on your national insurance record, which you can get an estimate of at

If you also have a workplace pension, contributions will be taken directly from your salary and put into a pension plan, arranged by your employer. Government contributions are added in the form of tax relief.

Another option is a private or personal pension, where you choose the provider and arrange for your contributions to be paid directly from your bank account.

Why should I keep saving into my workplace pension?Effectively, you and your employer are putting part of your salary away now, tax-free, with a view to you being able to enjoy more in the future. A good way to look at this is that your workplace pension is essentially deferred pay for your future self.

What's in my pension?

Pension providers usually offer a range of funds where your money can be invested. If you belong to a workplace scheme, and you don't say how you want your contributions invested, your money will automatically go into a 'default' fund set up by the provider. You want your investments to grow, but bear in mind investments can go down in value, as well as up.

When can I use my pension?

The flexibility of private pensions means you can usually start taking money from age 55.

How do I decide when to take money from my workplace pension?

When and how you take money from your pension is a big decision - it can affect how long your pension pot lasts. The pension freedoms introduced in 2015 allow people aged 55 or over to take their pensions however they wish. The first 25% of pots is tax-free.

Before you take any money out though, consider if you really need to, and remember that you don't need to take all your tax-free cash in one go.

How much should I be saving into my pension?

Think how much you may need in retirement. Consider how much you earn currently - perhaps as a household, if you have a family - and what you would need in retirement to replace that income.

Keep in mind that you may have a mortgage which will be paid off, and children who are no longer dependent. Then add in what you might get from the state pension or any old pensions that pay a guaranteed income in retirement.

There is no precise answer as to how much you need to save, but many experts suggest 12-15% of your salary is a good target to aim for.

Above all, think about what you can afford to save. Your future self won't regret it. And remember, depending on how near retirement you are, it might be worthwhile getting expert advice from a financial adviser.


Fraudsters will often use high-profile events to persuade unsuspecting victims to part with their money - and recently they've been cynically cashing in on consumers' concerns about coronavirus.

Scams related to coronovirus have collectively cost victims over £800,000 in just the space of a month since February 2020, according to the police and National Fraud Intelligence Bureau.

Some reports were made by people attempting to buy protective face masks from fraudulent sellers. One victim reported losing over £15,000 when they purchased face masks that were never delivered.

Police have also received reports about coronavirus-themed phishing emails attempting to trick people into opening malicious attachments or revealing sensitive personal and financial information.

One common tactic used by fraudsters is to contact potential victims over email purporting to be from research organisations affiliated bodies, such as the World Health Organisation (WHO).

They claim to be able to provide the recipient with a list of coronavirus-infected people in their area. In order to access this information, the victim needs to click on a link, which leads to a malicious website, or else the victim is asked to make a payment in Bitcoin.

Police said people should never click on the links or attachments in suspect emails, and never respond to unsolicited messages and calls that ask for personal or financial details.

People should also do some research before buying online from a company that they do not already know and trust.

It may be worth using a credit card as a payment method, as these can give added consumer protections if something goes wrong.

For more information on how to shop online safely, visit


Financial fact: The clean-up bill following storms Dennis and Ciara is set to top £360 million, according to insurers.

The Association of British Insurers (ABI) said that initial estimates show the industry expects to make payments of £363 million to those customers who have been affected.


More than 17,000 fraudulent calls were picked up last year by a bank's voice identification system, which helps weed out criminals from genuine telephone banking customers.

Nearly £400 million of customers' money was prevented from falling into the hands of criminals, HSBC UK said.

Its Voice ID system, which was introduced in 2016, identified around double the number of fraudulent phone calls in 2019 compared with the previous year.

The technology analyses voices by checking more than 100 behavioural and physical vocal traits, including the size and shape of someone's mouth, how fast they talk and how they emphasise words.


Nearly a fifth (18%) of parents aged over 55 whose children still live at home say their offspring may never fly the nest, a survey by AA Financial Services found.

Just over one in 10 (11%) expect their children to move out once they are in their 40s. For some parents, this could have a significant impact on their financial planning for later life.


Shoppers' spending on food and healthcare products increased towards the end of February, amid concerns about coronavirus, according to an index.

But spending on clothing was held down last month by the winter storms, the BRC (British Retail Consortium)-KPMG retail sales monitor said.

The findings were released as a separate report from Barclaycard suggested nearly three in 10 UK adults were avoiding the high street and other busy places amid the spread of coronavirus.